RBI Recognises ‘Fintech Association for Consumer Empowerment’ as a Self-Regulatory Organisation in Fintech Sector
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- Last Updated on 30 August, 2024
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Press Release No. 2024-2025/989; Dated: 28.08.2024
Earlier, the RBI issued a framework for Self-Regulatory Organisations in the FinTech Sector (SRO-FT) and invited applications for recognition as an SRO-FT. Three applications for recognition as SRO-FT have been received. The RBI has now recognised the FinTech Association for Consumer Empowerment (FACE) as an SRO-FT.
Under this framework, FinTechs may be defined as entities that provide technological solutions for delivering financial products and services to businesses and consumers or encompass regulatory and supervisory compliance in partnership with traditional financial institutions.
The SRO-FT must operate objectively with credibility and responsibility under the oversight of the RBI and strive towards the healthy and sustainable development of the FinTech sector.
Further, the SRO-FT must be capable of motivating its members to align with regulatory priorities. This should involve facilitating communication between industry players and the RBI, advocating for necessary changes, and promoting a culture of compliance.
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