Unleashing the potential of Fintech.

TLDR: India’s Reserve Bank has urged fintech firms to create a self-regulatory organisation (SRO), according to a draft framework. The move comes as India’s fintech industry experiences rapid growth driven by increasing demand for digital payments and borrowings. The proposed SRO would help ensure that fintech firms comply with statutory and regulatory requirements and maintain transparency and communication with the Reserve Bank. The framework also outlines the Reserve Bank’s authority to inspect and audit the SRO to ensure effective oversight. The Reserve Bank’s call for self-regulation reflects its commitment to nurturing a robust governance framework and acknowledging the sector’s maturity and capacity to shape its destiny.