Will allow multiple SROs for fintechs, says RBI Guv Das

RBI approves fintech SROs: Reserve Bank Governor Shaktikanta Das on Wednesday said the central bank will permit at least two industry bodies to operate as a self-regulatory organisation for the fintech sector.

Das said the RBI has cleared the Fintech Association for Consumer Empowerment (FACE) because it met all the requirements and added that it will also be looking at other two applicants.

When asked if it would stop at one body, he replied in the negative.

"There are three applications. We are looking at multiple. I think maybe 2-3 SROs should be sufficient at this point in time," he told reporters on the sidelines of Global Fintech Fest here.

The governor said all three bodies applied for the SRO license at different points of time and the central bank is looking at all the applications.

Meanwhile, when asked about reports of heightened NPAs in the microlenders segment, Das said the RBI is monitoring all aspects of the credit market.

"Whenever there is any concern in any segment, the RBI will be proactive and take necessary measures. (We are) monitoring all aspects of credit growth," he said.

To a question on deposit growth concerns, Das said banks are fully mindful of the issue and taking the necessary actions.

"We should allow them some time to see the results," he added.