RBI to Approve Multiple Self-Regulatory Organizations in Fintech Sector

The Reserve Bank of India, under Governor Shaktikanta Das, is set to permit at least two industry bodies to operate as self-regulatory organizations (SROs) in the fintech sector. The Fintech Association for Consumer Empowerment (FACE) has already been approved, and the RBI is reviewing other applications. Additionally, the RBI is monitoring NPAs and deposit growth in the banking sector.

The Reserve Bank of India (RBI), led by Governor Shaktikanta Das, announced on Wednesday the approval of at least two industry bodies to operate as self-regulatory organizations (SROs) within the fintech sector.

Governor Das confirmed that the central bank has already cleared the Fintech Association for Consumer Empowerment (FACE) due to its compliance with all requirements. The RBI is also evaluating two additional applications for SRO status, expressing confidence that 2-3 SROs should be adequate for now.

Additionally, Das addressed concerns about non-performing assets (NPAs) in the microlending segment, assuring that the RBI is actively monitoring all facets of the credit market and will take necessary actions as needed. He also mentioned that banks are aware of deposit growth issues and are taking requisite steps, urging patience to observe the outcomes.