Support Centre

India: RBI proposes self-regulatory body for digital payments system

The Reserve Bank of India ('RBI') issued, on 6 February 2020, its Statement on Developmental and Regulatory Policies, in which, among other things, it proposes to establish a self-regulatory organisation ('SRO') for the digital payments system. In particular, the RBI noted that due to the subsantial growth in digital payments, it would be desirable to have an SRO for orderly operations of the entities in the payment ecosystem. In addition, the RBI announced its intention to put forward a framework for an SRO by April 2020, with a view to fostering best practices on security, customer protection, and pricing, among other things. Finally, the RBI noted that the SRO would serve as a two-way communication channel between entities and the regulator.

You can read the press release here.