RBI grants self-regulatory status to fintech association FACE

Delhi Delhi. The Reserve Bank of India on Wednesday granted “self-regulatory organisation” status to the Fintech Association for Consumer Empowerment (FACE) to help ensure statutory and regulatory compliance in the financial technology (fintech) sector.FACE is an industry body of fintech lenders. According to the organisation's website, its members account for about 80 per cent of the digital lending business volume in India.

AdvertisementEarlier this year, the central bank had said in a draft framework that Indian fintech firms should form a self-regulatory organisation (SRO) as the industry is growing very fast due to the rising demand for digital payments and lending.As per the draft norms, an SRO will ensure adherence to industry standards and facilitate a transparent communication channel with the RBI. Das also said efforts are on to make UPI and RuPay “truly global”, as he outlined the central bank's focus areas going forward.

The governor said the RBI's focus is on financial inclusion, strengthening digital public infrastructure (DPI), consumer protection and cyber security, sustainable finance and global integration of financial services. He said India is actively involved in international forums and bilateral agreements to promote economic cooperation with many countries going forward and strengthening financial infrastructure, including cross-border payment systems, will be a key focus area for the RBI.