Mumbai :  The Reserve Bank of India (RBI) will unveil the framework for a self-regulatory organisation (SRO) for the fintech sector by the end of April 2024, Governor Shaktikanta Das announced in the post-monetary policy press conference.

The move aims to operationalise one SRO for fintechs by the time of the Global Fintech Festival in September 2024.

“As I had mentioned in last year’s GFF, we would like one SRO relating to fintech to be operational. We are working towards that,” Das stated. 

Deputy Governor T Rabi Sankar said the RBI is examining stakeholder comments received on the draft SRO framework for fintechs before finalising it.

The fintech industry has welcomed the RBI’s timeline to roll out the fintech self-regulatory body framework. 

“The RBI has been driving the SRO conversation systematically. The governor’s timebound approach to operationalise the SRO is hugely encouraging,” said Sugandh Saxena, CEO of digital lenders’ body FACE.

Jatinder Handoo, CEO of the Digital Lenders Association of India (DLAI), stated the association will study the final framework and take steps accordingly, noting a rise in queries seeking regulatory guidance.

The establishment of a self-regulatory fintech body is expected to streamline oversight and governance of India’s rapidly growing fintech sector.