The Reserve Bank of India (RBI) on January 15, 2024, issued the Draft Framework for recognising Self-Regulatory Organisations for FinTech Sector.
The following has been stated namely: -
• 'Draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector' has been issued to achieve a healthy balance between facilitating innovation by the industry and meeting regulatory priorities in a manner that protects consumers and contains risk, which is crucial to optimising the contribution of the FinTech sector.
• The draft framework lays down the characteristics of a FinTech SRO, and includes, inter-alia, functions, governance standards, etc.
• Comments/Feedback from stakeholders and members of the public on the draft framework may be sent by the end of February 2024, through e-mail.
[Press-Release: 2023-2024/1677]
