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ARTICLE · 14 APRIL 2024

RBI Draft Framework For Fintech Self-Regulatory Organisation

Argus Partners
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The Reserve Bank of India ("RBI") has released a draft framework for Self-Regulatory Organisations ("the draft framework") in the FinTech Sector on January 15, 2024. (click here).

IndiaTechnology
Jitendra Soni
Jitendra Soni
Harsh Garg
Harsh Garg
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Background

The Reserve Bank of India ("RBI") has released a draft framework for Self-Regulatory Organisations ("the draft framework") in the FinTech Sector on January 15, 2024. (click here). The draft framework has made suggestions which include the challenges in regulating FinTechs, characteristics of a FinTech Self-Regulatory Organisation ("SRO-FT") as well as its functions, governance standards, eligibility criteria etc.

Applicability

The draft framework would be applicable to all FinTechs.

The key highlights of the draft framework are stated below:

Challenges in regulating FinTechs

The draft framework raises pertinent observations on the challenges in regulating FinTechs. It provides that while technological innovations are bringing about positive changes in the financial services sector, concerns relating to customer protection, data privacy, cyber security, grievance handling, internal governance, financial system integrity are bound to increase.

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