Fintech Founders Launch New SRO; Seek RBI Nod
Fintech Founders Launch New SRO to Strengthen Ties with RBI
A group of influential fintech founders have come together to form a new entity seeking a Self-Regulatory Organisation (SRO) licence from the Reserve Bank of India (RBI), positioning it as the second fintech SRO after the Fintech Association of Consumer Empowerment (FACE) earned recognition in August 2024.
Originating from the Fintech Convergence Council (FCC) under the Internet and Mobile Association of India (IAMAI), this initiative unites leaders from across the fintech spectrum—payments, lending, insurance, wealthtech, regtech, and digital currency—to create a unified voice for the industry.
The effort is spearheaded by founders like Jitendra Gupta of neobanking startup Jupiter, Sujith Narayanan and Sumit Gwalani of Fi Money, Harshvardhan Lunia of Lendingkart, Anurag Sinha of OneCard, and Ankit Ratan of Signzy.
Sai Sudha Chandrasekaran, previously a senior vice president at Invest India, has been named CEO, tasked with steering the organization in line with RBI guidelines. “This body will represent the entire fintech ecosystem,” a source told FE Online, highlighting its inclusive ambition.
The RBI views SROs as vital non-governmental bodies that set standards and ensure compliance among fintechs, serving as a conduit for industry feedback. “An SRO offers a structured way to engage with the regulator,” one source explained, noting that the RBI has emphasized its role in providing validated insights.
Another added, “Without it, even regulated players struggle to have clear conversations with the RBI, leaving uncertainty about upcoming rules.” This new SRO aims to bridge that gap, reducing friction and fostering collaboration.
With India’s fintech market poised to reach $1.5 trillion by 2025, the entity’s formation reflects a strategic response to heightened regulatory oversight. By bringing together top founders and aligning with RBI’s self-governance push, it promises to enhance transparency and support innovation, potentially redefining how the sector navigates regulation.
