India cenbank issues draft framework for fintech self-regulatory body

FILE PHOTO: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis/File Photo

MUMBAI (Reuters) - Indian financial technology (fintech) firms should create a self-regulatory organisation (SRO) that will ensure statutory and regulatory compliance, the Reserve Bank of India (RBI) said in a draft framework released on Monday.

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said.