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Banker's Trust: All you want to know about SROs in finance sector

The key to effective implementation of the SRO regime is avoiding overlap

Just how many self-regulatory organisations (SROs) are too many? Last week, the Reserve Bank of India (RBI) capped the number of such entities for non-banking financial companies (NBFCs) at “a maximum of two”. And to ensure the smaller NBFCs get a fa

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7 min read Last Updated : Sep 22 2024 | 4:51 PM IST

In August, the Reserve Bank of India (RBI) recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the financial technology (fintech) sector.

The banking regulator had received three applications. Of these, one was granted the SRO status; one has been asked to reapply after meeting specific requirements, and the third is still under review.

How many RBI-approved SROs are there for banks and non-banking financial companies (NBFCs) in India?

In 1944, a group of bankers met under the chairmanship of Pranlal Devkaran Nanjee, chairman of Devkaran Nanjee Banking Company Ltd, to form

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Topics : RBI Fintech sector NBFCs Banks BS Opinion

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