RBI’s framework release today suggests Fintech SRO to be development oriented, true representative

Self-Regulatory Organisations (SROs) for fintech sector should be development oriented, true representative and legitimate arbiter of disputes, the Reserve Bank of India (RBI) said on May 30 in its framework release.

SROs for fintech sector should also be independent from influence, encouraging members to subscribe to regulatory expectations, and repository of information, it added.

The central bank released ‘Framework for Recognising Self-Regulatory Organisation(s) for FinTech Sector’ (SRO-FT framework).

On January 15, the RBI had released draft norms on this and invited comments and feedback from stakeholders.

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