Fintech Self-Regulatory Organizations : RBI
The Reserve Bank of India (RBI) Governor recently urged fintech entities to establish Self-Regulatory Organizations (SROs) in the rapidly evolving fintech sector.
Fintech Self-Regulatory Organizations (SROs):
- Financial technology or Fintech refers to innovative technologies designed to enhance and automate the delivery of financial services.
- Fintech encompasses technological advancements across various financial sectors, including retail banking, investments, and decentralized cryptocurrencies like DeFi, with a focus on improving financial literacy and education.
- An SRO is a non-governmental entity responsible for creating and enforcing industry-specific rules and standards.
- SROs prioritize safeguarding consumer interests, promoting ethical conduct, ensuring equality, and nurturing professionalism.
- They collaborate with industry stakeholders to formulate and administer regulations.