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In today’s newsletter:?

• RBI recognises FACE as SRO for fintech
• PhonePe rules out IPO until UPI market share clarity
• Govt assesses quick commerce's kirana toll

RBI recognises FACE as SRO for fintech

In a much-awaited move, the Reserve Bank of India (RBI) governor Shaktikantha Das has announced the approval of FACE?(Fintech Association for Consumer Empowerment) as the first self-regulatory organisation for Fintechs (SRO-FT).

• The body will work with fintech entrepreneurs to ensure that the companies follow regulations in the letter and spirit of RBI’s guidelines for the digital delivery of financial services

Tell me more: The RBI returned one application for SRO-FT body, while another one – Digital Lenders Association of India (DLAI) is still under consideration.

• SRO-FT is a major initiative by the RBI to work more closely with fintechs after several of the regulator’s guidelines disrupted fintech business models

• In cases of doubt, the body will work closely with the RBI to determine if a new fintech business model contravenes the regulator’s unspecified rules

More announcements: ?Another key focus area for the RBI governor is international cooperation and integration in cross-border payments.

• The central bank is actively working to expand the reach of UPI and Rupay through international partnerships

In addition, the RBI is exploring the development of new Digital Public Infrastructure (DPI) to support the implementation of artificial intelligence (AI) in financial services.

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