Draft Framework for Self-Regulatory Organization(s) in the FinTech Sector

RBI has issued a Draft Framework for Self-Regulatory Organization(s) in the FinTech Sector. Comments / Feedback from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

The Reserve Bank would invite applications for the SRO for the FinTech sector, either for the entire sector or for specific sub-sectors, as and when required. The number of SRO-FTs to be recognized would be considered based on the number and nature of applications received. The application made by the SRO-FT should be accompanied by –

1. A copy of the MoA, Articles of Association, etc., of the SRO-FT;
2. Details of the constitution of its Board, roles / responsibilities of its management, and the manner in which its operations would be undertaken;
3. Roadmap to achieve comprehensive membership, if necessary;
4. The application should be submitted under authorisation of the Board; and
5. Reserve Bank may require the SRO-FT to submit any further information / clarification, as may be deemed necessary;