RBI proposes SROs for FinTechs

Brief Overview:

Draft framework for self-regulatory organizations is proposed by RBI in the FinTech sector (“SRO-FT”) on 15th January 2024 (“Draft Framework”).

Technical Details:

The key focus areas of the Draft Framework are:

1) Characteristics and operations;

2) Eligibility and membership, including criteria for Board of Directors and Key Managerial Personnel;

3) Functions and responsibilities; and

4) Governance and management.

Issues for consensus:

1) Incentives for membership of SRO-FT;

2) Composition of SRO-FT members; and

3) Number of SRO-FTs that would require recognition.

Comments / Feedback from stakeholders and members of the public on the Draft Framework to be sent by end February 2024

JC Takeaways:

With the FinTech industry growing at a break-neck speed, the Draft Framework is an attempt towards striking a balance between facilitating innovation by the FinTech industry and meeting regulatory priorities for unregulated FinTech.

For further details, please see:


For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Ankit Sinha (ankit.sinha@jclex.com)
●   Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com)

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