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INDIA CENBANK RELEASES FINAL GUIDELINES FOR FINTECH SELF-REGULATORY BODY

By Siddhi Nayak
May 30, 202412:41 AM HSTUpdated 4 days ago
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The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI
headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File
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MUMBAI, May 30 (Reuters) - India's central bank on Thursday released its final
guidelines for financial technology firms to create a self-regulatory
organisation (SRO) that is aimed at enforcing regulatory standards and fostering
transparency in the sector.
The guidelines come at a time when the fintech industry in India is growing at a
break-neck pace due to surging demand for digital payments and borrowings,
raising concerns relating to customer protection, data privacy, cyber security
and internal governance.
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Fintechs should create a self-regulatory body to address their needs and
challenges, the Reserve Bank of India Governor Shaktikanta Das had said in
September. A draft framework was released in January.
An SRO for fintechs (SRO-FT), an industry-led entity, "should gain the
legitimacy and credibility to not only frame baseline standards and rules of
conduct codes, but also effectively monitor and enforce them," the RBI said in a
release.
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The industry bodies would be expected to relay sector-specific insights, address
regulatory concerns and collaboratively work towards the overall development of
the sector, the RBI said, adding that fintechs are "encouraged" to participate
in at least one such body.
Shareholding of the entity should be sufficiently diversified, and no entity
should hold 10% or more of its paid-up share capital, either singly or acting in
concert, the central bank said.

The applicant should have a minimum net worth of 20 million rupees ($240,009)
within a period of one year after recognition as an SRO-FT by RBI, or before
commencement of such operations, it added.
Such an applicant should represent the fintech sector with membership across
entities "of all size, stage and activities," with the board and key managers
possessing professional competence and a reputation for fairness and integrity,
RBI said.

SRO-FTs could have fintechs domiciled outside India as members, it added.
The number of SRO-FTs to be recognised would depend on the number and nature of
the applicants received, the RBI said, adding that it reserves the right to not
grant recognition to any such application.
($1 = 83.3300 Indian rupees)

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newsletter. Sign up here.

Reporting by Siddhi Nayak; Editing by Nivedita Bhattacharjee

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