THE RBI received three applications, including FACE, for SRO-FT. Of the two remaining applications, one application was returned with a provision to resubmit it after meeting certain requirements. The third request is currently being examined. Speaking to the media on the sidelines of the Global FinTech FestivalRBI Governor Shatikanta Das said the central bank would not just approve a single SRO and there would likely be two or three such organizations. Speaking earlier at the festival, Das said a preferred approach to achieving a balance between innovation and prudent regulation involves SROs within the financial technology sector.
Das said that through regular measurements political dialoguesSROs would facilitate open communication and allow fintechs to stay informed of regulatory expectations and priorities. “Just to illustrate the depth of our engagement with fintechs over the past year, I would like to mention that officials and teams from various departments of the Reserve Bank engaged in around 750 bilateral interactions and held around 50 structured meetings with fintech players. “, he said.
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