Recently, the Reserve Bank of India (RBI) has issued the Framework for Recognising Self-Regulatory Organisation for the FinTech Sector (SRO-FT). In this context, which one of the following statements is correct in relation to SRO-FT? |ForumIAS

Q. Recently, the Reserve Bank of India (RBI) has issued the Framework for Recognising Self-Regulatory Organisation for the FinTech Sector (SRO-FT). In this context, which one of the following statements is correct in relation to SRO-FT?

[A] SROs will increase government revenue from FinTech companies.

[B] SROs will act as a regulator for the entire FinTech industry.

[C] SROs will ensure consumer protection, data security, and compliance with industry standards.

[D] SROs will provide financial support to struggling FinTech startups.

Answer: C

Notes:

Explanation – The primary role of SROs in the FinTech sector, as outlined by the RBI’s framework, is to ensure consumer protection, data security, and compliance with industry standards. They are responsible for establishing and enforcing regulatory standards, promoting ethical conduct, resolving disputes, and fostering transparency and accountability among their members.

Source: The Hindu

Q. Recently, the Reserve Bank of India (RBI) has issued the Framework for Recognising Self-Regulatory Organisation for the FinTech Sector (SRO-FT). In this context, which one of the following statements is correct in relation to SRO-FT?

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS