The Reserve Bank of India (RBI) on May 30, 2024, issued a notification regarding the framework for Recognising Self-Regulatory Organisation(s) for the FinTech Sector.
The following has been stated: -
•To encourage self-regulation in the FinTech sector, the Reserve Bank of India (RBI) released a 'Draft framework for recognising Self-Regulatory Organisations (SRO) for FinTech Sector' on January 15, 2024, inviting comments and feedback from the stakeholders. Based on the inputs received and examination thereof, the 'Framework for Recognising Self-Regulatory Organisation(s) for FinTech Sector' (SRO-FT framework) has been finalised and is enclosed.
•In terms of the SRO-FT framework, the Reserve Bank intends to initiate the process of recognizing SRO(s). Accordingly, entities meeting or intending to meet the eligibility conditions and requirements of the SRO-FT framework may submit an application form along with the required enclosures. The name(s) of the applicant(s) found eligible for the "Recognition" will be published on the website of RBI.
[Press Release: 2024-2025/403]
