RBI Recognises Unified Fintech Forum as Another SRO-FT Under FinTech Self-Regulatory Framework
The Reserve Bank of India has recognised the Unified Fintech Forum (UFF) as a Self-Regulatory Organisation in the FinTech sector, adding a second formally recognised SRO-FT to the regulatory architecture created by the central bank in 2024. RBI announced the decision on September 10, 2026, after examining UFF’s application against the requirements of its Framework for recognising Self-Regulatory Organisations for the FinTech sector.
RBI’s press release identifies the applicant as Unified Fintech Forum, CIN U91990KA2016NPL096977. The recognition is significant for regulated entities, fintech companies, compliance teams and advisers because the SRO-FT framework is intended to create an industry-led layer of standard setting, supervision, grievance handling and regulatory coordination under RBI oversight.
UFF becomes another recognised SRO-FT
RBI had recognised the FinTech Association for Consumer Empowerment (FACE) as the first SRO-FT on August 28, 2024. At that time, the central bank said it had received three applications after issuing the SRO-FT framework: FACE was recognised, one application was returned with a provision to resubmit after meeting requirements, and another application remained under examination.
With the September 10, 2026 announcement, UFF has now been recognised after RBI’s assessment against the framework. The RBI release does not, by itself, impose a compulsory membership requirement on every fintech. The underlying framework instead states that membership is voluntary while encouraging fintech entities to participate in at least one recognised SRO.
What RBI expects from a recognised fintech SRO
The SRO-FT framework, issued on May 30, 2024, describes a recognised SRO as an independent, development-oriented and representative body that can act as a legitimate arbiter of industry standards while remaining subject to RBI oversight. The framework covers entities that provide technological solutions for delivery of financial products or services, including regulatory-technology activities.
Among the structural conditions, an applicant must be incorporated as a Section 8 not-for-profit company. The shareholding should be sufficiently diversified, with no single entity holding 10% or more of the paid-up share capital. The SRO is also required to attain a minimum net worth of ₹2 crore within one year after recognition or before commencing operations, whichever is earlier.
RBI also expects the organisation to have robust information-technology infrastructure and systems capable of dealing with consumer-harm risks such as fraud, mis-selling, unfair practices and unauthorised transactions. Membership should be diverse enough to represent the fintech ecosystem, while overseas fintech companies may also participate as members subject to the framework.
Standard-setting and enforcement powers
A recognised SRO-FT is expected to use its membership agreements to establish rules, standards and codes of conduct. RBI’s framework specifically contemplates work on technology standards, data privacy, standardised documents, responsible advertising and market conduct, governance norms and, where approved by RBI, accreditation-related mechanisms.
The body is also expected to oversee member conduct through surveillance and enforcement. Available responses may include counselling, caution, reprimand, suspension or expulsion from membership, along with reasonable monetary penalties where its governing framework permits. This gives the SRO a practical compliance role rather than limiting it to industry advocacy.
Another core function is grievance and dispute resolution. The SRO should provide a fair and transparent mechanism for resolving disputes among members and complaints relating to its members. It must also undertake training and capacity-building so smaller or newer fintech entities can understand regulatory expectations and improve governance practices.
What changes for compliance and finance teams
For banks, NBFCs and other regulated entities that partner with fintechs, an additional recognised SRO can broaden the channel through which sectoral standards and conduct expectations are developed. Vendor-governance teams may increasingly encounter SRO membership, codes of conduct and disciplinary history as part of fintech due diligence, even though RBI’s framework does not make membership universally mandatory.
For fintech chief financial officers, compliance officers, company secretaries and advisers, recognition also creates a more formal route for industry interaction with RBI. SROs are expected to keep the regulator informed of significant violations, systemic concerns and developments that may have a wider impact on the financial system.
They must collect and share relevant sectoral information, submit periodic returns and annual reports as required, support inspections or audits, and provide market intelligence. The framework therefore places record-keeping, governance and regulatory reporting at the centre of an SRO’s continuing obligations.
Governance safeguards remain important
RBI’s framework requires governance arrangements designed to preserve independence. At least one-third of the board, including the chairperson, should comprise independent members. The SRO is expected to maintain functional autonomy, continuously monitor the fit-and-proper status of directors and key functionaries, and remain open to RBI nominees or observers where the regulator considers that necessary.
Recognition of UFF does not replace direct RBI regulation of regulated entities or statutory obligations applicable to fintech activities. It adds an industry self-regulatory layer intended to improve standards, discipline and communication across a fast-changing sector.
Fintechs and their advisers should review UFF’s recognised role alongside the existing SRO-FT framework, particularly the expectations around conduct, governance, complaints, data and technology controls. Regulated entities working with fintech partners should also track SRO membership and applicable codes as part of ongoing third-party risk and compliance reviews.
Official source: View the official source document
Key takeaway
RBI has recognised Unified Fintech Forum as a Self-Regulatory Organisation in the FinTech sector, adding another formally recognised SRO-FT under its 2024 framework.
