Developing best practices

SRO for fintechs will be a first step

The suggestion by the Reserve Bank of India (RBI) that fintechs set up a self-regulatory organisation (SRO) is a step in the right direction. These new-age digital startups provide a buffet of vital services to consumers. They have empowered tens of millions of lower-income people by giving them easy access to the formal economy. At the same time, they exist in a regulatory grey area and an SRO would be the first step to setting ethical standards. There are literally hundreds of fintechs, all of which leverage digit­isation and data analysis to provide financial services. Apart from merchant payment services