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ARTICLE · 01 APRIL 2024

AKP Banking & Finance Digest- March 26, 2024

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The Reserve Bank of India ("RBI") has finalised an Omnibus Framework for recognising Self-Regulatory Organizations ("SROs") for regulated entities ("REs")...

IndiaFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI finalises framework for Self-Regulatory Organizations

The Reserve Bank of India ("RBI") has finalised an Omnibus Framework for recognising Self-Regulatory Organizations ("SROs") for regulated entities ("REs"), including fintechs. Each sector of REs will have separate SROs, and RBI will now accept applications from entities seeking SRO status. This framework aims to address the growing number and scale of REs, the adoption of innovative technologies, and the need for better industry standards for self-regulation. The framework outlines parameters such as objectives, responsibilities, eligibility criteria, and governance standards common to all SROs. Sector-specific guidelines will be issued separately. The framework emphasises the importance of SROs operating with credibility, transparency, and professionalism under regulatory oversight to ensure regulatory compliance and foster sector integrity. Directors of SROs

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