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RBI Empowers Payment Operators' Association to Set Industry Standards
11 Nov
Summary
- RBI recognizes Self-Regulated Payment System Operators Association as SRO
- Association to implement governance, compliance, and dispute resolution
- Part of RBI's effort to strengthen oversight in digital payments sector
The Reserve Bank of India (RBI) has recognized the Self-Regulated Payment System Operators (PSO) Association (SRPA) as the Self-Regulatory Organization (SRO) for payment system operators in India. This move follows RBI's frameworks for recognizing SROs issued in October 2020 and March 2024.
The SRPA represents several major digital payment operators in India, including Infibeam Avenues, BillDesk, Razorpay, PhonePe, and others. The association will now implement governance, compliance, and supervisory mechanisms in line with RBI's guidelines. It is expected to set industry standards, facilitate professional conduct among members, and provide a dispute resolution mechanism.
The RBI's recognition of SRPA is part of a broader effort to strengthen oversight and co-regulatory frameworks within India's rapidly growing digital payments sector. This step aims to foster greater accountability, transparency, and stability in the industry as it continues to evolve and play a crucial role in the country's financial ecosystem.
