Business News/ Industry / Banking/  RBI invites firms to participate in Greenwashing TechSprint

The Reserve Bank (RBI) Thursday invited interested Indian companies to participate in Greenwashing TechSprint. The application window is open and will close on 21st May 2023

The RBI is among 13 international regulators taking part in first ever Greenwashing TechSprint organised by Global Financial Innovation Network (GFIN).

The GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. 

“The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the RBI wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have," the apex bank said in a statement.  

The virtual TechSprint will be hosted on the FCA’s Digital Sandbox and the move aims to bring together international regulators, firms, and innovators to address sustainable finance as a collective priority.

The TechSprint aims to develop a tool or solution that can help regulators and the market to effectively tackle the risks of greenwashing in financial services.

The participating companies will get an opportunity to work with regulatory experts, a variety of stakeholders and professionals from across the globe.

The RBI said the companies that selected for the Greenwashing TechSprint  will proceed through to on-boarding, which will take place on 1st and 2nd of June. This will provide firms with training on the Digital Sandbox and an in-depth overview of the TechSprint process. 

The TechSprint will launch on June 5, 2023 and will run for 3 months, ending with a showcase day in September 2023.

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Updated: 11 May 2023, 10:12 PM IST
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