This initiative by FACE is noteworthy, especially as it seeks approval to become a self-regulatory organisation (SRO) for fintech lenders. The Reserve Bank of India (RBI) is expected to announce its decision soon, with FACE and the Digital Lenders’ Association of India both in the running to be recognised as an SRO. The establishment of an SRO will likely lead to more stringent industry oversight, promoting higher standards of operation and better consumer protection within the fintech sector.
The push for fintechs to join the CFCFRMS comes at a critical time. As digital transactions grow more common, the opportunities for cyber fraud have increased. The convergence of various financial entities— such as banks, non-banking financial companies, insurance providers, and payment services—has created more potential points of vulnerability. The CFCFRMS is designed to coordinate the efforts of all stakeholders, enabling action to block fraudulent transactions before they can be completed.
RBI’s New Platform to Combat Payment Frauds
In a parallel effort to bolster cybersecurity, the RBI is developing the Digital Payments
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