The Reserve Bank of India (RBI) issued the ‘Framework for Self-Regulatory Organisation(s) in the FinTech Sector’ and invited applications for recognition as a Self-Regulatory Organisation in the FinTech Sector (SRO-FT). The RBI stated that three applications for recognition as SRO-FT have been received, and each application was examined against the relevant requirements under the framework. The RBI has recognized the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT. Of the remaining two applications, one has been returned with a provision for resubmission after meeting specific requirements, while the third application is still under examination.
