Self-regulation useful tool for setting rules for fintechs: RBI's M K Jain

The central bank's deputy governor says RBI has endeavoured to find a middle ground trying to balance between the innovation brought by fintechs and the unique risk they introduce

The country's fintech sector should attempt to organise itself under a self-regulatory organisation (SRO) that monitors the conduct of member fintech entities. This approach can help protect consumer interest and improve governance standards in fintech entities, said M K Jain, Deputy Governor, Reserve Bank of India, on Friday.

“From the fintech sector perspective, self-regulation can be a useful tool for setting and enforcing rules.” he said at the International Research Conference on FinTech: Innovation, Inclusion, and Regulation at IIM Ahmedabad. “The role of an SRO can include setting the standards for conduct as well as acting as a bridge between