RBI recognises Unified Fintech Forum as 2nd self-regulatory organisation for fintech sector
Mumbai, Sep 10
The Reserve Bank of India on Thursday recognised the Unified Fintech Forum as a self-regulatory organisation for the fintech sector, making it the second industry body to receive such approval from the central bank.
The RBI said that it had examined UFF's application against the eligibility and other requirements prescribed under its framework for recognising self-regulatory organisations in the fintech sector. Following the assessment, the central bank decided to grant the forum SRO-FT status.
The recognition comes after the RBI established its framework for recognising fintech self-regulatory organisations in May 2024. The Fintech Association for Consumer Empowerment (FACE) became the first SRO-FT recognised by the RBI in August 2024.
Self-regulatory organisations are expected to play a key role in strengthening governance within the fintech ecosystem by establishing and enforcing industry standards, encouraging ethical business practices and promoting market integrity. They are also responsible for facilitating dispute resolution while improving transparency and accountability among their members.
UFF, which was previously known as the Digital Lenders Association of India (DLAI), had 118 members as of the end of June, according to information on its website. Its membership spans a wide range of fintech entities, including non-banking finance companies, loan service providers, technology service providers, credit bureaus and account aggregators.
The forum is headed by Manish Lunia, co-founder of FlexiLoans, as its president, while Upasana Taku, co-founder and executive director of MobiKwik, serves as vice president of UFF's executive committee. Other members of the executive committee include Shachindra Nath of UGRO Capital, Harshvardhan Lunia of Lendingkart, Sujith Narayanan Kutty of Fi Money and Nalin Negi of BharatPe.
The RBI's move is part of its broader approach of encouraging industry-led mechanisms to support responsible growth and strengthen governance in the rapidly evolving fintech sector. The recognition of UFF is expected to further institutionalise self-regulation within the industry while providing a framework for fintech companies to align their practices with evolving regulatory and consumer protection expectations.
— IANS
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