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The Reserve Bank of India on Wednesday relaxed eligibility norms for applicants under its regulatory sandbox (RS) initiative and announced “cross-border payments" as the theme of the second cohort under this scheme. A regulatory sandbox usually refers to a system of live-testing new products or services in a controlled environment, for which regulators may or may not permit relaxations for the limited purpose of the testing. To encourage innovation and broad-base eligibility criteria, RBI said it has modified the enabling framework, reducing the net worth requirement to ₹10 lakh from ₹25 lakh earlier. That apart, partnership firms and limited liability partnerships have been allowed to participate in the regulatory sandbox.....