ACHIEVING CONSENSUS ON FRAMEWORK DIFFICULT: Fintechs cautiously optimistic about self-regulatory entity
Financial Express Mumbai|March 15, 2023
FINTECH COMPANIES ARE onboard with the Reserve Bank of India's (RBI) call for creation of a self-regulatory organisation (SRO) for the sector. However, the success of an SRO model for fintechs will depend on multiple factors, including prevention of conflicts of interest, industry members say.
PIYUSH SHUKLA
ACHIEVING CONSENSUS ON FRAMEWORK DIFFICULT: Fintechs cautiously optimistic about self-regulatory entity

On Friday, RBI deputy governor MK Jain had said fintechs must try to organise themselves under an SRO model and the role of such an entity would include setting the standards for conduct and acting as a bridge between the sector and regulators.

Upasana Taku, co-founder and COO at Mobikwik, said the success of such a model would depend on defining the scope of the SRO, determining the membership criteria, assuring that there is adequate oversight to prevent conflicts of interest and ensuring that the SRO is truly independent and represents the interests of its members, while also being accountable to the regulators.

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