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ARTICLE · 05 JUNE 2024

AKP Banking & Finance Digest- June 03, 2024

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The framework outlines the establishment and functioning of Self-Regulatory Organisations ("SROs") in the Fintech sector, focusing on promoting ethical conduct...

GlobalTechnology
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI finalises Framework for Self-Regulatory Organisation(s) in the FinTech Sector

The framework outlines the establishment and functioning of Self-Regulatory Organisations ("SROs") in the Fintech sector, focusing on promoting ethical conduct, ensuring market integrity, and fostering transparency and accountability among its members. It emphasises the need for balance in regulating the dynamic Fintech landscape and proposes self-regulation as a means to achieve this balance. The framework delineates the characteristics, operations, eligibility, membership criteria, functions, responsibilities, governance, and management of Fintech SROs. Any representative organisation for Fintechs may apply for recognition as an SRO to the Reserve Bank of India ("RBI"). RBI

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