IAMAI, iSPIRT in fray to set up regulatory body for digital payments in India

Mumbai/Bengaluru: India’s two most influential technology and internet associations are in the fray to set up an industry body to supervise the country’s burgeoning digital payments ecosystem under Reserve Bank of India’s Self-Regulatory Organisation (SRO) framework, three sources aware of the matter told ET.

The Internet and Mobile Association of India (IAMAI), an industry body of all the leading internet and technology companies in the country, is preparing a proposal led by its digital payments arm, the Payments Council of India (PCI). The Indian Banks’ Association (IBA) is also considering joining the bid with PCI to form this SRO, the sources said.