RBI Issues Guidelines For Fintech Self-Regulatory Organisations
The Reserve Bank of India has issued guidelines for fintech self-regulatory organisations on Thursday, defining the characteristics, membership eligibility, and other roles and responsibilities. With this, the regulator has initiated the process of recognising SROs and invited applications from eligible organisations.
In its guidelines, RBI mentioned that an applicant for a fintech SRO must be set up as a not-for-profit company and be eligible on the following criteria:
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Should represent fintech sector with membership across all entities.
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Should have a minimum net worth of Rs 2 crore within one year after recognition as an SRO-FT or before start of operations.
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Must have systems for managing ‘user harm’ instances that are reported to it or given by the RBI to it.
In September, NDTV Profit reported that the RBI is working on building the first SRO for the Indian fintech industry.
(This is a developing story)
