The Reserve Bank of India (RBI) has finalised the Framework for Recognising Self-Regulatory Organisation(s) for the FinTech Sector (SRO-FT framework), following the draft released on January 15, 2024, and feedback from stakeholders.

The framework aims to encourage self-regulation in the FinTech sector. RBI will now initiate the process of recognising eligible SRO(s). Entities that meet the eligibility conditions and requirements may submit applications along with the required enclosures. The names of the recognised SROs will be published on the RBI website.

[RBI]

Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), today launched three key initiatives: PRAVAAH, the RBI Retail Direct Mobile App, and a FinTech Repository, in the presence of senior RBI officials, bank CEOs, and fintech representatives.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20.00 lakh on Bharati Sahakari Bank Limited, Pune for non-compliance with directions related to frauds monitoring and reporting mechanism. The order was issued on May 24, 2024, under the powers conferred by Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5.00 lakh on Lokmangal Co-operative Bank Limited, Solapur, Maharashtra for non-compliance with KYC (Know Your Customer) directions. The order was issued on April 23, 2024, under the powers conferred by Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The RBI’s statutory inspection, with reference to the bank’s financial position as on March 31, 2022, revealed deficiencies in regulatory compliance. The bank failed to:

The Reserve Bank of India (RBI) has released a new Guidance Note on Operational Risk Management and Operational Resilience, aimed at strengthening banks’ and financial institutions’ systems for identifying, managing, and mitigating operational risks.