FACE Named Self-Regulatory Organization for Fintech Industry by RBI

The Reserve Bank of India has announced that it has appointed Fintech Association of Consumer Empowerment (FACE) as the SRO for the Fintech Industry. Please refer to this link for the official announcement - https://m.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=58586. 

“I am honored to announce that our organization has been recognised by the Reserve Bank of India (RBI) as the Self-Regulatory Organization (SRO) for the fintech industry. This recognition is a significant milestone, and it reflects our collective commitment to fostering a responsible and innovative digital finance ecosystem in India.

We extend our deepest gratitude to the RBI for entrusting us with this important role. We look forward to working closely with all stakeholders, including the financial services sector, government entities, and global partners. Together, we can contribute to building a Viksit Bharat through the promotion of responsible digital finance practices.

This achievement is a testament to the dedication and hard work of everyone involved, and we are excited about the opportunities ahead to set new standards for transparency and security in the digital ecosystem.”

Ram Rastogi, Chairperson, FACE

“We are grateful for the regulator’s trust and delighted for our recognition as SRO-FT. This is a momentous occasion for the fintech community, as recognition by the regulator brings unity of purpose and gives us a chance to amplify our collective contribution and impact. With this, FACE and the industry are up for an extraordinary phase, fully conscious of the enormous tasks ahead.  Under regulatory guidance, self-regulation gives us a latitude to shape the industry that creates value for customers and all market participants. We have a long to-do list and look forward to the opportunity and responsibility to deliver on the charter.”

Sugandh Saxena, CEO, FACE