Regulatory timeline
How RBI built the SRO system — frameworks, recognitions, and what each SRO did about it.
UFF recognised as India's second SRO-FT
RBI granted SRO-FT registration to Unified Fintech Forum (ex-DLAI) ahead of RBI's Global Fintech Fest address; second fintech SRO after FACE.
FACE Personal Loan Report 2026
Consumer-facing study of India's personal loan market: borrower profiles, pricing, top lenders, delinquency and origination trends.
FIDC views on RBI monetary policy statement (June 2026)
FIDC publicly responded to the June 2026 monetary policy, representing NBFC sector interests on liquidity and rate transmission.
FEDAI recognised as SRO for all Authorised Dealers
RBI recognised FEDAI (est. 1958) as SRO for the foreign-exchange market under the Omnibus SRO framework, with a one-year transition (to Jan 2027) to align governance and extend membership to all AD categories.
SRPA becomes RBI-recognised SRO for payment system operators
Self-Regulated PSO Association (SRPA) recognised under the SRO-PSO framework; founded by Vishwas Patel (CCAvenue) and M N Srinivasu (BillDesk); 18 members.
FIDC recognised as RBI's SRO for NBFCs
Finance Industry Development Council became the recognised self-regulatory organisation for NBFCs under the omnibus framework.
DLA Validator — consumer tool for checking digital lending apps
FACE's consumer corner offers a DLA (digital lending application) validator so borrowers can check an app before taking a loan.
DLAI rebrands as Unified Fintech Forum (UFF); new leadership elected
DLAI became UFF with ~120 members: Manish Lunia (FlexiLoans) as President, Upasana Taku (MobiKwik) as Vice-President. Sought RBI SRO-FT recognition as a broad fintech body.
UFF executive committee and working-group chairs in place
UFF EC formed: Manish Lunia (President), Upasana Taku (VP & Events Chair), chairs for SRO, Knowledge, Policy/Product/Tech, Events, PR portfolios.
DLAI among fintech bodies that applied to RBI for SRO-FT status
Three associations applied for SRO-FT recognition after the final framework; Digital Lenders Association of India's application was returned/kept pending.
FACE becomes India's first RBI-recognised fintech SRO (SRO-FT)
Fintech Association for Consumer Empowerment recognised as the first SRO-FT, effective from date of issue of certificate of registration.
FACE response to TRAI consultation on DLT-based transaction scrubbing
FACE filed detailed views (218 pages, 8 annexures) on TRAI's draft 'The Telecommunications (DLT-based Scrubbing) Regulations, 2025', from the digital-lending industry perspective.
RBI invites applications for recognition of SROs for NBFCs
RBI press release inviting SRO applications under the omnibus framework from NBFC industry associations.
Final framework for recognising Self-Regulatory Organisations in the fintech sector (SRO-FT)
Final SRO-FT framework: recognised SRO-FTs to monitor fintech compliance with regulations and codes, support innovation, and protect consumers.
Omnibus framework for recognising self-regulatory organisations in regulated financial entities
Generic framework applicable across RBI-regulated sectors (NBFCs, PSOs, etc.), each sector supervisor to invite/recognise SROs.
Draft framework for recognising Self-Regulatory Organisations for the fintech sector (SRO-FT)
RBI's first fintech-specific SRO framework: eligibility, membership openness, governance, oversight of members' compliance and consumer protection.
Google x FACE collaboration against predatory digital lending apps
Partnership to identify and act against predatory lending apps on Android; part of FACE's consumer-protection and app-fraud agenda.
FACE applies to RBI for SRO recognition (digital lending)
FACE was among the first industry bodies to apply to RBI for SRO status in digital lending, months after the draft framework chatter began.
Framework for recognition of Self-Regulatory Organisation for Payment System Operators (SRO-PSO)
First SRO framework in payments: Recognised associations of PSOs to set standards, ensure compliance, and address grievances. Enabled payments SROs under Section 43A/43E PSS Act.
Omnibus framework path: PSO + RBI SRO-FT + sector SROs
RBI's omnibus framework for recognising SROs across regulated entities set the template later used for NBFC (FIDC), PSO (SRPA) and FX (FEDAI) SRO recognition.
Sa-Dhan recognised as SRO for NBFC-MFIs
RBI recognition made Sa-Dhan the second microfinance SRO, giving NBFC-MFIs a choice of SRO membership.
MFIN becomes India's first SRO for NBFC-MFIs
RBI letter dated 16 June 2014 accorded MFIN recognition as the first self-regulatory organisation of NBFC-MFIs, post-Andhra crisis (Malegam committee route).