Source: BS
Context:
The Fintech Association for Consumer Empowerment (FACE), recognised by the RBI in July 2024 as India’s first Self-Regulatory Organisation for Fintech (SRO-FT), has emerged as a key industry body within just one year of recognition.
Fintech Association for Consumer Empowerment (FACE)
The Fintech Association for Consumer Empowerment (FACE) is India’s first Self-Regulatory Organisation for Fintech, recognised by the Reserve Bank of India (RBI) in July 2024.
Role
- Acts as a key industry body for fintech companies in India.
- Promotes consumer protection, transparency, and ethical practices within the fintech ecosystem.
- Facilitates engagement between fintech players and regulators.
Self-Regulatory Organisation for Fintech (SRO-FT)
A Self-Regulatory Organisation for Fintech (SRO-FT) is an industry body empowered to create, monitor, and enforce standards for fintech companies under the supervision of RBI.
Key Features:
- Autonomy: Operates independently but follows RBI oversight.
- Regulatory Functions:
- Sets industry-wide codes of conduct and operational standards.
- Monitors compliance and ensures ethical fintech practices.
- Addresses consumer grievances and promotes transparency.
- Objectives:
- Protect consumer interests.
- Promote responsible innovation in fintech.
- Reduce regulatory burden on RBI while ensuring sectoral integrity.
FACE as SRO-FT:
- FACE is the first recognised SRO for fintech in India.
- Works to empower consumers and ensure fintech firms follow best practices.
