A naukri.com initiative
Inc42
2w
8
Image Credit: Inc42
[Update] Fintech Founders Partner To Set Up New Self Regulatory Organisation
- Indian fintech leaders have established the India Fintech Foundation (IFF) to act as a Self Regulatory Organisation (SRO) in the industry.
- Former deputy RBI governor NS Viswanathan will chair the board of IFF, with ex-Invest India official Sai Sudha Chandrasekaran as CEO.
- The foundation aims to set industry standards, promote innovation, protect consumers, and create a collaborative industry voice.
- Another entity, led by Fintech Convergence Council (FCC) members including Jitendra Gupta and Sujith Narayanan, is also seeking RBI approval for an SRO.
- The RBI guidelines require fintech SROs to maintain a minimum net worth of INR 2 Cr and facilitate compliance with ethical practices.
- If approved, this new body could become the second SRO in India after the Fintech Association for Consumer Empowerment (FACE) received its license last year.
- SROs like FACE focus on consumer protection, ethical practices, and bridging industry-central bank relations in the fintech sector.
- Multiple SROs are being pursued in response to the diverse nature of India's flourishing fintech market, with various sub-sectors requiring tailored regulatory frameworks.
- The growth projections for India's fintech sector necessitate adaptable and specialized SROs to ensure regulatory compliance and industry growth.
- The establishment of SROs aims to strike a balance between fostering innovation and addressing regulatory concerns in the fintech space in India.
- The initiative by fintech founders to create SROs reflects the industry's commitment to self-regulation and ethical business practices for sustainable growth.
Read Full Article
Like
For uninterrupted reading, download the app