RBI guv to fintech players: Set up self-regulatory body soon

Reserve Bank of India governor Shaktikanta Das on Wednesday asked fintech players to set up a self-regulatory organization within a year.

- Gopika Gopakumar

Speaking at the Global Fintech Fest, Das said fintech companies need an effective self-regulatory structure. "They (fintech companies) 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. I would like to use this opportunity to urge and encourage the fintechs to establish a  self-regulatory organization (SRO) themselves," he said.