RBI Framework for Self-Regulatory Organizations (SRO) in Fintech, 2024

This framework establishes a structured approach for recognizing and overseeing Self-Regulatory Organizations in the fintech sector. The framework aims to foster responsible innovation while ensuring consumer protection and market integrity through industry-led governance. It sets out eligibility criteria for SRO recognition, including requirements for membership diversity, governance structure, and financial resources. SROs are tasked with setting industry standards, ensuring compliance with regulatory requirements, addressing member grievances, and promoting ethical conduct. The framework emphasizes the role of SROs in bridging the gap between regulators and industry participants, facilitating two-way communication, and supporting the development of best practices in areas including data protection, cybersecurity, and consumer privacy.

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Building a Privacy-First, Trustless Ecosystem for Data Protection.