​RBI Finalises Framework for SROs in FinTech Sector

On 30th May, 2024, the Reserve Bank of India (RBI) released the final framework for recognising self-regulatory organisations in the financial technology sector (SRO-FT), encouraging entities to have a representative membership from the fintech sector.

Why did the RBI introduce this Framework?

  • The RBI introduced this framework to promote self-regulation within the fintech industry, ensuring that decisions are made transparently and inclusively.
  • The goal is to prevent a few dominant entities from controlling the sector and to foster a culture of responsible innovation and consumer protection.

What is a FinTech SRO?

  • FinTech Self-Regulatory Organization (SRO-FT) refers to a self-regulatory body ....
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