RBI Recognised SRPA as SRO for Payment System Operators

Current Context: On November 11, 2025, the Reserve Bank of India (RBI) recognised the Self-Regulated Payment System Operators Association (SRPA) as the Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs).

• This recognition follows RBI’s Framework for Recognition of SRO for PSOs (2020) and the Omnibus Framework for Recognition of SROs for Regulated Entities (2024).
• SRPA represents leading players such as Razorpay, PhonePe, BillDesk, CRED, Mobikwik, Infibeam Avenues (CC Avenue).
• As an SRO, SRPA will establish industry standards, compliance norms, and dispute resolution mechanisms for PSOs.
• The move enhances governance, accountability, and consumer protection in India’s digital payments ecosystem.
• It ensures PSOs operate in alignment with RBI’s regulatory oversight, balancing innovation and security.

Question:

Q.1 Which organisation was recognised by the Reserve Bank of India (RBI) on 11 November 2025 as the Self-Regulatory Organisation (SRO) for Payment System Operators?
a) National Payments Corporation of India
b) Self-Regulated Payment System Operators Association
c) Payments Council of India
d) Digital Payments Forum of India

Answer: b) The Reserve Bank of India (RBI) recognised the Self-Regulated Payment System Operators Association (SRPA) as the Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs).