Reserve Bank of India grants self-regulatory status to fintech association FACE

The Reserve Bank of India on Wednesday granted "self-regulatory organisation" status to the 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 per cent 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.

Making UPI truly global

Das also said that efforts are on to make UPI and RuPay "truly global", as he outlined focus areas of the central bank going forward.

The governor said the Reserve Bank's focus is on financial inclusion, deepening digital public infrastructure (DPI), consumer protection and cyber security, sustainable finance and global integration of financial services.

India is engaged actively in international fora and bilateral agreements to foster economic cooperation with many countries going forward, and strengthening financial infrastructure, including cross-border payment systems, will be the RBI's key focus areas, he added.