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<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Online financial marketplace <keyword id="1865968" type="COMPANY" weightage="80" keywordseo="BankBazaar">BankBazaar</keyword>.com today raised Rs 375 crore ($60 million) in its series C round of <keyword id="6357455" type="EVENT" weightage="60" keywordseo="Funding">funding</keyword> led by Amazon with participation from Fidelity Growth Partners and <keyword id="2930456" type="UNKNOWN" weightage="80" keywordseo="Mousse-Partners">Mousse Partners</keyword>. Existing investors Sequoia Capital and <keyword id="351709" type="COMPANY" weightage="80" keywordseo="Walden-International">Walden International</keyword> also participated in this round of funding. BankBazaar CEO <keyword id="235472" type="PERSON" weightage="80" keywordseo="Adhil-Shetty">Adhil Shetty</keyword> said: "As the digital <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> in India develops, Amazon will be an important investor in the robust and rapid growth of BankBazaar.” “This investment from Amazon, <keyword id="2930908" type="UNKNOWN" weightage="80" keywordseo="Fidelity-Growth-Partners-Mousse-Partners">Fidelity Growth Partners &amp; Mousse Partners</keyword> reposes faith in our vision and gives us strength to achieve…It will reinforce our leadership in the country’s online financial market place, as we aim to simplify the sourcing of best financial services - be it loans, credit cards and other personal finance products – for consumers,” he said. 

	The company will also invest to upscale its marketing and branding efforts. The capital will be utilized for technology integration, hiring and strengthening partnerships. 
 BankBazaar is also investing heavily on its mobile App. The App delivers a more customized, stable and seamless experience to the consumer. The App, available both on <keyword id="6355645" type="COMPANY" weightage="80" keywordseo="android">Android</keyword> &amp; <keyword id="75489" type="ORGANIZATION" weightage="80" keywordseo="IOS">iOS</keyword> platforms, not only helps consumers get financial products, but also teach them how to manage their finances. 

	The company is increasing the depth of its portfolio offerings and has signed more than 23 bank partners to give the widest range of options to its consumers. 
 <keyword id="6354743" type="COMPANY" weightage="80" keywordseo="Amazon-India">Amazon India</keyword> vice president and country manager, <keyword id="215413" type="PERSON" weightage="80" keywordseo="Amit-Agarwal">Amit Agarwal</keyword> said: “It gives Amazon great confidence that BankBazaar is led by an innovative team of visionaries who lay emphasis on things that matter to customers and have a long term focus. Amazon looks forward to working with them and supporting their growth.” 

	"With the rapidly evolving online consumer segment across categories, we have seen great demand for this platform. We are currently looking to expand the category as we re-invest all earnings in growing the business intelligently," Shetty said. 
 

	The company which started in 2008 with a focus on loans, said that online loan applications across home, personal and auto loans are growing by 90%, compared to 15% growth in offline. 

	 
	(Image: BankBazaar.com)

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Fintech SRO aims to enhance credibility of sector, promote ethical conduct

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BankBazaar raises Rs 375 crore of funding via Amazon

BI India Bureau

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