IBA, PCI in talks to set up regulatory body for digital payments

The digital payments industry may soon get a self-regulator if things go as per plan.

Banking lobby group Indian Banks’ Association (IBA) and its payment industry counterpart, Payment Council of India (PCI), are in talks to set up a non-profit joint venture that will regulate the digital payments ecosystem, according to three people aware of the discussions.

This will be under the Reserve Bank of India’s newly issued Self-Regulatory Organization (SRO) framework for Payment System Operators.

Members from both the banking and the payments industry are likely to manage the proposed entity, the people said.