Fintechs take steps towards self-regulation after RBI push

Days after RBI governor Shakitkanta Das gave the fintech industry a year to set up a self-regulatory organisation, the Fintech Association for Consumer Empowerment (FACE) adopted a new code of conduct for digital lenders to establish itself as an SRO.

FACE has dozens of digital lenders as its members, including players like Fibe, Kissht, LoanTap, Cashe, KreditBee, Paynearby, and Paisabazaar. At the association’s AGM on Friday, Naveen Kukreja, founder & CEO of PaisaBazaar, and Ashish Goyal, founder & CFO of Fibe, were elected member directors.