RBI Releases Finalised Framework for Recognising Self-Regulatory Organisations in Fintech Sector
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- Last Updated on 31 May, 2024
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Press Release No. 2024-2025/403; Dated: 30.05.2024
RBI has released a finalised framework for recognising Self-Regulating Organisations (SRO) in the FinTech (FT) Sector. An ‘SRO’ would be an industry-led entity responsible for establishing and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency and accountability among its members. The SRO-FT must be capable of motivating its members to align with regulatory priorities and facilitating communication with the RBI.
Further, the SRO-FT must submit its Annual Report and other information to the RBI. In addition, the SRO-FT must submit periodic returns as may be prescribed by the RBI. The SRO-FT must also consult the RBI to develop and update the taxonomy for FinTechs.
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