India cenbank grants self-regulatory status to fintech association FACE
The Reserve Bank of India on Wednesday granted "self-regulatory organisation" status to Fintech Association For Consumer Empowerment (FACE) to help ensure statutory and regulatory compliance in the financial technology (fintech) sector.
FACE is an industry body of fintech lenders. Its members account for about 80% of digital lending business volumes in India, according to the organisation's website.
Earlier this year, the central bank said in a draft framework that Indian fintech firms should create a self-regulatory organisation (SRO) as the industry is growing at a break-neck speed due to surging demand for digital payments and borrowings.
As per the draft norms, an SRO would ensure adherence to industry standards and facilitate a transparent communication channel with the RBI.
