Second Fintech SRO Formally Launches Bid For RBI Approval
The Reserve Bank of India has made it clear that the fintech sector, like the microfinance industry, has to self-regulate.
The India Fintech Foundation has launched a formal bid for being recognised as a self-regulatory organisation, becoming the second body to signal such intent.
If approved, the IFF will be the second SRO after the Fintech Association for Consumer Empowerment to get recognition from the RBI.
"We're expecting an approval within four–five months," said Sai Sudha Chandrasekaran, chief executive officer at the India Fintech Foundation, on the sidelines of Startup Mahakumbh.
The IFF is founded by Fintech Convergence Council members, and the board includes Jupiter founder Jitendra Gupta, Fi Money founder Sujith Narayanan, Lendingkart founder Harshvardhan Lunia, OneCard founder Anurag Sinha and Siddarth Pai, founding partner and CFO of 3one4 Capital, among others.
Former RBI Deputy General and Axis Bank's non-executive chairperson NS Vishwanathan is also a part of IFF. "We've already onboarded roughly 100 members. We will be the nodal body for the entire fintech ecosystem, spanning payments, lending, wealthtech, insurtech, emerging areas such as DeFi, CBDC, and Web3," she added.
"We're here not to add to regulations but set the right standards for the industry."
The Reserve Bank of India has made it clear that the fintech sector, like the microfinance industry, has to self-regulate.
