RBI Recognised Fintech Association for Consumer Empowerment as SRO-FT

Current Context: On 28th August 2024, The Reserve Bank of India (RBI) recognized the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech sector (SRO-FT).

• This move aims to ensure better regulatory compliance and promote healthy development within the fintech industry.
• FACE is now responsible for overseeing its members and ensuring they adhere to regulatory standards.
• This recognition is part of RBI’s broader strategy to balance innovation with prudence in the rapidly evolving fintech landscape.

Question:

1. Which organization has the RBI recognized as a Self-Regulatory Organisation in the FinTech sector?

• A) Fintech Association of India
• B) Fintech Association for Consumer Empowerment (FACE)
• C) Digital Payments Association
• D) Indian Fintech Consortium

Answer: B) The RBI recognized the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation (SRO) in the FinTech sector on 28th August 2024.