RBI Recognises Fintech Association for Consumer Empowerment as Self-Regulatory Organisation in FinTech Sector

The Reserve Bank of India (RBI) has recognized the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech Sector (SRO-FT).

This recognition follows the RBI’s issuance of the Framework for Self-Regulatory Organisations in the FinTech Sector and the subsequent invitation for applications. Three applications were received and examined against the framework’s requirements.

Of the three applications, FACE met all criteria for recognition. One other application has been returned with provisions for resubmission after meeting certain requirements, while the third application remains under examination.

The establishment of SROs in the FinTech sector is aimed at strengthening regulatory compliance, consumer protection, and industry standards within the rapidly growing digital financial ecosystem.

[RBI]