The Reserve Bank of India (RBI) on August 28, 2024, notified regarding the Recognition of Self-Regulatory Organisation(s) in the FinTech Sector (SRO-FT).
The RBI had issued the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (Framework) and invited applications for recognition as Self-Regulatory Organisation in the FinTech Sector (SRO-FT).
Three applications for recognition as SRO-FT have been received. Each application was examined against the relevant requirements under the framework.
It has been decided to recognise the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT. Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination.
[Press Release: 2024-2025/989]
