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ARTICLE · 01 FEBRUARY 2024

AKP Banking & Finance Digest- January 22, 2024

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The Reserve Bank of India ("RBI") has released a draft framework for the recognition of Self-Regulatory Organizations ("SROs") in the fintech sector.

IndiaTechnology
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI proposes draft framework for Fintech Self-Regulatory Organizations

The Reserve Bank of India ("RBI") has released a draft framework for the recognition of Self-Regulatory Organizations ("SROs") in the fintech sector. SROs are non-governmental bodies responsible for establishing and enforcing industry rules to protect customers and promote ethics and professionalism among their members. In response to an RBI directive in September, fintechs were urged to establish their own SROs. The draft emphasises that a fintech SRO (SRO-FT) should uphold impartiality, avoid conflicts of interest, and ensure unbiased oversight of its members. The RBI underscores that independence is crucial for building trust with industry participants and regulators. Stakeholder feedback on the draft framework is invited until the end of February 2024. RBI

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