However, the RBI has left it to the industry to decide whether there should be a single SRO or multiple SROS.
"Given the diverse nature of fintechs, restricting to one SRO-FT could dilute some industry concerns, while having multiple SRO-FTS could undermine the representative character of self-regulation. A consensus on these issues would be crucial to the effectiveness of self-regulation," the central bank said in its draft norms.
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