RBI sets fintech SRO guidelines, leading the way to progress.

The Reserve Bank of India (RBI) has proposed a framework for self-regulatory organisations (SROs) for fintech companies. The framework aims to set standards for the industry, provide oversight and enforcement, and establish a grievance redressal and dispute resolution mechanism. The RBI believes that self-regulation will promote responsible conduct and innovation in the absence of formal regulation. The draft norms state that SROs should operate independently and represent the fintech sector with membership across entities of all sizes, stages, and activities. The RBI will invite applications for SROs for the fintech sector and will consider the number of SROs based on the nature and number of applications received.