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The Reserve Bank of India (RBI) has finalized its Framework for Recognising Self-Regulatory Organisations for the Fintech Sector (SRO-FT), following a period of public feedback that began in January this year.
The RBI will soon start the process of recognizing SROs that meet the criteria outlined in the SRO-FT framework. Eligible SROs can apply for recognition, and those approved will be listed on the RBI’s website.
This initiative is designed to encourage self-regulation within India’s fintech sector, ensuring a regulatory infrastructure that can manage emerging technologies and new market entrants. By fostering self-regulation, the RBI aims to enhance compliance and ethical standards while maintaining market integrity and transparency.
In 2023, the RBI launched a credit tech program to boost credit transactions on a public tech platform and establish a robust digital payments infrastructure.
Bharat Dhawan, managing partner at Mazars in India, commented on the framework, stating, “This forward-thinking approach will not only enhance regulatory compliance and ethical standards but also reinforce market integrity and transparency. As an advisory firm, we are confident that these industry-led SROs will create a more robust and trustworthy fintech ecosystem, benefiting all stakeholders.”
Yashoraj Tyagi, CEO of CASHe, added, “This initiative marks a significant step towards ensuring customer protection, data privacy, cybersecurity, grievance handling, internal governance, and the overall integrity of the financial system within our rapidly evolving industry.”
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