RBI to join GFIN’s Greenwashing TechSprint to tackle ESG risks

Source: The post is based on the article “RBI to join GFIN’s Greenwashing TechSprint to tackle ESG risks” published in The Hindu on 17th May 2023

What is the News?

The Reserve Bank of India has opened the application window for all India-based firms and innovators to participate in Global Financial Innovation Network (GFIN)’s first-ever Greenwashing TechSprint. 

What is Greenwashing?

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What is Global Financial Innovation Network(GFIN)?

Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organizations.

It is a network of over 70 organizations committed to supporting financial innovation in the interests of consumers. 

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.

What is GFIN Greenwashing TechSprint?

RBI will be among the 13 international regulators taking part in GFIN’s Greenwashing TechSprint.

The objective of the Techsprint is to develop a tool that could help regulators or the market more effectively tackle or mitigate the risks of greenwashing in financial services.