India, July 21 -- The Government, in collaboration with the Reserve Bank of India (RBI) and other stakeholders, has been continuously reviewing the fintech ecosystem, including digital lending platforms and payment aggregators, to strengthen regulation, promote innovation, and enhance consumer protection.
As part of these efforts, the RBI introduced the Self-Regulatory Organisation (SRO) Framework for the FinTech Sector in May 2024 to promote ethical practices, improve transparency, ensure market integrity, and establish industry-wide regulatory standards.
To strengthen digital payment security, the RBI has mandated minimum security standards for internet banking, mobile banking, card payments, and other digital payment channels. In addit...