RBI Announces Framework For Recognising Self-Regulatory Organisations In FinTech Sector

To encourage self-regulation in the FinTech sector, the Reserve Bank of India (RBI) had released a 'Draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector' on January 15, 2024, inviting comments and feedback from the stakeholders. Based on the inputs received and examination thereof, the 'Framework for Recognising Self-Regulatory Organisation(s) for FinTech Sector' (SRO-FT framework) has been finalised and is enclosed. In terms of the SRO-FT framework, the Reserve Bank intends to initiate the process of recognising SRO(s). Accordingly, entities meeting or intending to meet the eligibility conditions and requirements of the SRO-FT framework may submit an application form along with the required enclosures. The name(s) of applicant(s) found eligible for the "Recognition" will be published on the website of RBI.

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