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ARTICLE · 04 NOVEMBER 2020

Self-Regulatory Organisation For Payment System Operators

Khaitan & Co.
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The Reserve Bank of India (RBI) has, in exercise of its powers under the Payment and Settlement Systems Act 2007, notified the Framework for Recognition of a Self-Regulatory Organisation...

IndiaTechnology
Sarthak Sarin
Sarthak Sarin
Kevin Peter
Kevin Peter
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Introduction:

The Reserve Bank of India (RBI) has, in exercise of its powers under the Payment and Settlement Systems Act 2007, notified the Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators (SRO Framework) on 22 October 2020. The SRO Framework can be described as a regulatory nudge which aims to encourage banks and non-bank Payment System Operators (PSOs) to establish a self-regulatory body, whose agenda would be to proactively frame and enforce rules and standards relating to the conduct of its member entities.

Policy genesis:

The policy recommendation for formulation of a self-regulatory body of FinTech companies can be traced back to the report of the ‘Inter-Regulatory Working group on Fin-tech and Digital Banking' dated 23 November 2017. The report had recommended constitution of a self-regulatory body comprising of representatives of various FinTech companies to undertake consultation/ engagement with regulators to

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