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India: RBI publishes draft framework for self-regulatory organizations in FinTech
On January 15, 2024, the Reserve Bank of India (RBI) published a report titled 'Draft Framework for Self-Regulatory Organisation(s) in the FinTech Sector.' In particular, the RBI stated that the draft framework lays down the characteristics of FinTech Self-Regulatory Organizations (SRO-FT) and includes, inter-alia, broad functions, governance standards, and eligibility criteria for grant of recognition.
More specifically, for data privacy, the draft framework states that one of the functions of the SRO-FT should be to set industry benchmarks and baseline technology standards, as could be applicable, for transparency, disclosure, and data privacy by its members.
Finally, the RBI noted that the draft framework would be refined based on user expectations and stakeholder feedback.
You can read the draft framework here.
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