RBI drafts guidelines for self-regulatory organisations – Times of India

RBI drafts guidelines for self-regulatory organisations - Times of India

Mumbai: RBI in its draft framework Self-regulatory organizations (SROs) among the organizations it regulates, has said that these organizations should promote consumer protection, fair competition, transparency and innovation. Provides a framework. RBI A letter of recognition to institutions meeting the criteria of SROs.
RBI has said that any institution that wants to be S.R.O There should be sufficient authority derived from membership agreements to set ethical, professional and governance standards and to enforce those standards on members. “It should have strong governance mechanisms, including an independent board, transparency, and a focus on adherence to well-defined processes,” RBI said. The SRO should also have monitoring methods for effective monitoring of the sector.
The guidelines announced by the RBI come close to asking the central bank. Digital lenders To come up with an SRO within a year.
According to Jitendra HinduCEO, Digital Lenders Association of India, RBI has developed a framework around key aspects.

S.R.O,Self-regulatory organizations,RBI,Jitendra Hindu,Digital lenders

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