{"id":297601,"date":"2024-05-31T18:47:59","date_gmt":"2024-05-31T13:17:59","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=297601"},"modified":"2024-05-31T18:47:59","modified_gmt":"2024-05-31T13:17:59","slug":"rbi-self-regulatory-organization-framework-for-fintech-firms","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-self-regulatory-organization-framework-for-fintech-firms\/","title":{"rendered":"RBI Self-Regulatory Organization Framework for FinTech Firms"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Source-<\/strong>\u00a0This post on<strong> RBI Self-Regulatory Organization Framework for FinTech Firms<\/strong>\u00a0has been created based on the article\u00a0<a href=\"https:\/\/epaper.thehindu.com\/ccidist-ws\/th\/th_delhi\/issues\/84921\/OPS\/G2BCS5M37.1+GN7CS7P9B.1.html\" target=\"_blank\" rel=\"noopener\"><strong>\u201cRBI specifies framework for SRO for FinTech firms&#8221; <\/strong><\/a>published in\u00a0<strong>\u201cThe Hindu\u201d<\/strong> on 31 May 2024.<\/p>\n<h2 style=\"text-align: justify;\">Why in News?<\/h2>\n<p style=\"text-align: justify;\">Recently, The Reserve Bank of India (RBI) has introduced a new framework for the recognition of a Self-Regulatory Organization (SRO) for fintech Firms.<\/p>\n<h2 style=\"text-align: justify;\">About RBI Self-Regulatory Organization Framework for FinTech Firms<\/h2>\n<p style=\"text-align: justify;\">1. The Reserve Bank of India (RBI) has introduced a<span style=\"color: #ff0000;\"> new framework<\/span> for the recognition of a<span style=\"color: #ff0000;\"> Self-Regulatory Organization (SRO)<\/span> tailored specifically <span style=\"color: #ff0000;\">for the FinTech sector. <\/span><\/p>\n<p style=\"text-align: justify;\"><strong>2. Aim:<\/strong> This initiative is aimed at<span style=\"color: #ff0000;\"> enhancing self-governance and compliance among FinTech companies.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>3. Organizational Requirements:<\/strong><\/p>\n<p style=\"text-align: justify;\">a)\u00a0 Applicants for the SRO-FT <span style=\"color: #ff0000;\">must be established as not-for-profit entities.<\/span><\/p>\n<p style=\"text-align: justify;\">b) Their shareholding structure should be <span style=\"color: #ff0000;\">diversified, with no single entity holding 10% or more<\/span> of the paid-up share capital.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Operational Guidelines<\/strong><\/p>\n<p style=\"text-align: justify;\">a) It is expected to operate with <span style=\"color: #ff0000;\">objectivity, credibility, and responsibility,<\/span> under the oversight of the RBI.<\/p>\n<p style=\"text-align: justify;\">b) It is <span style=\"color: #ff0000;\">tasked with promoting the healthy and sustainable development<\/span> of the FinTech sector.<\/p>\n<p style=\"text-align: justify;\">This may include outlining <span style=\"color: #ff0000;\">a phased approach to regulatory and supervisory compliance<\/span> where necessary.<\/p>\n<p style=\"text-align: justify;\"><strong>UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source-\u00a0This post on RBI Self-Regulatory Organization Framework for FinTech Firms\u00a0has been created based on the article\u00a0\u201cRBI specifies framework for SRO for FinTech firms&#8221; published in\u00a0\u201cThe Hindu\u201d on 31 May 2024. Why in News? Recently, The Reserve Bank of India (RBI) has introduced a new framework for the recognition of a Self-Regulatory Organization (SRO) for fintech&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-self-regulatory-organization-framework-for-fintech-firms\/\">Continue reading <span class=\"screen-reader-text\">RBI Self-Regulatory Organization Framework for FinTech Firms<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10498],"class_list":["post-297601","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/297601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=297601"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/297601\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=297601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=297601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=297601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}