RBI releases Draft for Self-Regulatory Body for Payment System Operators

Published on August 20, 2020
Current Context: The Reserve Bank of India has released a draft framework which will offer a grant of recognition to association of industry to be termed as Self-Regulatory Organisation (SRO) for Payment System Operators (PSO).
RBI releases Draft for Self-Regulatory Body for Payment System Operators
  • SRO will be responsible to frame and enforce rules for PSO in order to protect customers and promote ethics, quality and professionalism.
  • As per RBI, it is mandatory to develop industry standards and norms related to system security, pricing practices, protection of customer, to solve grievances and have redressal mechanisms. 
  • This draft framework will offer systematic regulatory resources which will be developed by industry and will thus encourage and promote better compliance. 
  • SRO will act as a two way communication channel between PSOs and RBI and in case of any violations, SRO will report to RBI.
  • The SRO will be set up under the Companies Act. 
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following has to release a draft to set up Self-Regulatory Body for Payment System Operators?
a. IRDAI
b. NITI Aayog
c. RBI
d. NABARD

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