FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector. Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance. Accordingly, the Reserve Bank has today placed on its website, a ‘Draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector‘. The draft framework lays down the characteristics of a FinTech SRO, and includes, inter-alia, functions, governance standards, etc.
Comments / Feedback from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/1677