RBI will start the process of identifying SROs that satisfy the standards of the SRO-FT framework. SROs who want to be recognized can apply, and RBI will publish the names of those who are accepted on their website.

The goal of the action is to support the fintech industry's self-regulation in India and guarantee that the necessary regulatory framework is in place to oversee the introduction of new technologies and the entry of new players into the market.

To increase credit transactions on a public tech platform and create a digital payments infrastructure, the RBI established a credit tech initiative in 2023.

Regarding the framework, Bharat Dhawan, managing partner of Mazars in India, said: "This progressive strategy will uphold market integrity and transparency in addition to improving regulatory compliance and ethical standards. As an advising company, we are sure that these sector-leading SROs will build a stronger and more reliable fintech environment that will be advantageous to all parties involved."

CEO of CAS Yashoraj TyagiHe went on, "Within our quickly changing industry, this initiative represents a significant step towards ensuring customer protection, data privacy, cyber security, grievance handling, internal governance, and the overall integrity of the financial system."