RBI proposes self-regulatory organisations to enforce fintech standards
The Reserve Bank of India (RBI) has taken a major step towards ensuring the security and ethical practices within the fintech industry. In a recent move, the RBI has released a draft framework for fintechs to create self-regulatory organisations (SRO-FT). This new initiative aims to ensure that fintech companies adhere to industry standards and comply with relevant laws and regulations. Additionally, the SROs will play a crucial role in serving consumer interests. This development marks a significant milestone in promoting transparency and accountability within the rapidly growing fintech sector.
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