Question
The Reserve Bank of India (RBI) has issued a framework
for recognizing Self-Regulatory Organizations (SROs) in the financial technology sector (SRO-FT). According to the guidelines, fintech entities regulated by the RBI are encouraged to join at least one SRO-FT. Which of the following statements is correct regarding the framework?Solution
According to the RBI’s framework, there may be more than one SRO-FT, and fintech entities are encouraged to join at least one. The guidelines also suggest that fintech entities could hold membership in more than one SRO-FT, and banks are excluded from this framework.
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