DLAI adds former RBI execs to advisory council, aims for SRO-FT recognition

The Digital Lenders Association of India (DLAI) has strengthened its advisory council by inducting three former Reserve Bank of India (RBI) executives as the body works towards becoming a self-regulatory organisation-fintech (SRO-FT).

The representative body for digital lenders said it has inducted former RBI officials such as Sathyan David, SN Panda, and Alpana Killawala.

David served as the chief general manager (supervision) at the RBI and has a background in financial supervision and regulation.

Panda, a former chief general manager at RBI, holds expertise in the development and implementation of digital payment systems and regulations, both in India and internationally.

Killawala worked as a principal advisor, Department of Communication at RBI, in the past.

“We are honoured to have such esteemed experts guiding us, as a part of our advisory council. Their collective experience and expertise will be instrumental in guiding the sector as we navigate the evolving landscape of fintech in India, especially at a time when DLAI aspires for RBI’s recognition as SRO-FT,” said Jatinder Handoo, chief executive officer (CEO), DLAI.

An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country.

In May, the RBI released the final framework for recognising SRO-FTs, encouraging entities to have a representative membership from the fintech sector.

An SRO-FT may have membership from fintechs currently regulated by the RBI, including non-banking financial companies-account aggregators (NBFC-AA), NBFC-peer-to-peer (P2P) lending platforms, among others, excluding banks.

The banking regulator has indicated that there may be more than one SRO-FT, and fintech firms would be encouraged to participate in at least one.