The Reserve Bank of India (RBI) has approved the formation of the country’s first Self-Regulatory Organisation (SRO) dedicated to the industry. This new SRO will be empowered to oversee compliance, set standards, and enforce regulations across the fast-growing fintech landscape.
With RBI’s backing, the SRO aims to enhance transparency, enforce ethical practices, and protect consumer interests. By taking a proactive stance on regulatory norms, the SRO will help foster accountability within FinTech companies, promoting a more secure and trustworthy ecosystem.
The establishment of this self-regulatory body marks a critical step towards fortifying the credibility of the FinTech industry in India. It is expected to boost confidence among consumers and investors, facilitating sustained growth as FinTech continues to reshape the financial services sector.
This development underscores RBI’s commitment to ensure that FinTech innovation aligns with sound regulatory practices while promoting industry integrity.
