The Reserve Bank had issued the 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (Framework) and invited applications for recognition as Self-Regulatory Organisation in the FinTech Sector (SRO-FT).

2. Three applications for recognition as SRO-FT have been received. Each application was examined against the relevant requirements under the framework.

3. It has been decided to recognise the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT.  Of the remaining two applications, one application has been returned with a provision for resubmission after meeting certain requirements. The third application is under examination.

(Puneet Pancholy)    
Chief General Manager

Press Release: 2024-2025/989