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ARTICLE · 24 JUNE 2024

Regulation Following Innovation: Self-regulation In The FinTech Sector

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At a time of increased regulatory oversight in the FinTech industry, the Reserve Bank of India (RBI) introduced the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (SRO-FT Framework) on 30 May 2024.

IndiaTechnology
Smita Jha
Smita Jha
Prashanth Ramdas
Prashanth Ramdas
Diksha Singh
Diksha Singh
Viti Bansal
Viti Bansal
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At a time of increased regulatory oversight in the FinTech industry, the Reserve Bank of India (RBI) introduced the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (SRO-FT Framework) on 30 May 2024. The framework aims to address the uncertainties surrounding innovative business models in the FinTech space, offering a platform for increased engagement with the RBI, and promoting self-regulation within the FinTech ecosystem.

Background

SROs are industry led entities, which aim to bridge the gap between regulation and industry-specific requirements. The SRO-FT Framework contemplates establishment of a self-regulatory organisation (SRO) in the FinTech space (SRO-FT) to enforce regulatory standards, promote transparency, provide structure, build consensus, and encourage cooperation among FinTech entities. Self-regulation is not new to India's financial sector. Despite increased involvement of sectoral regulators, there is a growing trend towards

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