New Delhi [India], January 15 (ANI): The Reserve Bank of India on Monday placed on its website a draft framework for recognising self-regulatory organisations (SRO) for FinTech sector.

The draft framework lays down the characteristics of FinTech self-regulatory organisations, including its functions and governance standards.

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Comments and feedback are sought from stakeholders and members of the public by the end of February 2024, through e-mail. The final framework will be issued, taking into account stakeholder and public responses.

FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs.

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"Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector," RBI said.

Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance, the central bank said. (ANI)

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