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SRO for FinTech firms UPSC NOTE

 SRO-FT

  • The Reserve Bank of India (RBI) has issued the Framework for Recognising Self-Regulatory Organisation for the FinTech Sector (SRO-FT) for better self governance and compliance by firms in this space.

  • An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator

  • It also sets standards for the conduct of entities operating in the country.

  • The SRO-FT should operate objectively, with credibility and responsibility under the RBI’s oversight. 

  • It should strive towards healthy and sustainable development of the FinTech sector and, if necessary, identify a glide path to a phased regulatory and/or supervisory compliance

  • Applicants will be required to have a minimum net worth of Rs 2 crore within a year of being recognised as an SRO-FT. 

  • The entity should be a not-for-profit company.

  • The shareholding of an SRO-FT should be diversified, and no entity should hold 10 per cent or more of its paid-up share capital.

  • Organisations such as the Payments Council of India (PCI), Fintech Association for Consumer Empowerment, DLAI, are some of the leading bodies in the race to apply for an SRO-FT.

  • SRO-FTs will be required to update the RBI on fintech developments and notify it of violations by its members on matters related to regulations or systemic issues within the space.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: SRO for FinTech firms UPSC NOTE
SRO for FinTech firms UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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