RBI to Join GFIN techsprint

• RBI has opened the application window for all India based firms and innovators to participate in GFIN’s first ever Greenwashing TechSprint.
• The TechSprint will bring together 13 international regulators (including RBI) alongside firms and innovators to address GFIN’s priority on Environmental, Social and Governance (ESG) and mitigate risks of greenwashing in financial services.
• The objective of the Greenwashing TechSprint is to develop a tool that can help regulators and the market more effectively tackle or mitigate the risks of greenwashing in financial services.
• India is gradually moving towards ESG regulations with introduction of Business Responsibility and Sustainability Reporting (BRSR) framework by SEBI.
  • BRSR aims to establish links between financial results of a business with its ESG performance.
  • It was made mandatory for top 1,000 listed entities (by market capitalisation) from 2022–23.

ABOUT GLOBAL FINANCIAL INNOVATION NETWORK (GFIN)

• It was formally launched in 2019 by an international group of financial regulators and related organisations.
• It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas.
• This includes the ability to apply to join a pilot for firms wishing to test innovative products, services, or business models across more than one jurisdiction.