RBI asks FinTechs to set up self-regulatory body

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday asked financial technology companies (FinTechs) to establish a self-regulatory system and proactively adopt high standards of governance.

“They (FinTechs) need to evolve industry best practices, privacy and data protection norms in sync with the laws of the land, set standards to avoid mis-selling, promote ethical business practices, transparency of pricing, etc,” Das said while addressing the Global Fintech Festival in Mumbai.

“I would like to use this opportunity to urge and encourage the FinTechs to establish a Self-Regulatory Organisation (SRO) themselves,” he added.