• Chethan Machaknur

Digital Payments Industry Set To Get A Self Regulator


In a bid to bring more transparency in the interconnection between banks and the digital payments industry, the Indian Banks Association (IBA) and Payments Council of India (PCI) are reportedly in talks to create a self-regulatory body for digital payments ecosystem services.


This body will operate under RBI’s newly issued Self-Regulatory Organisation (SRO) framework for Payment System Operators, which will be responsible for framing and enforcing rules for payment systems operators.


RBI had earlier said that it will also publish guidelines for setting up of a new SRO which is aimed at enhancing the communication mechanism between payment sector stakeholders, such as the service provider and banks, and regulatory and supervisory bodies, such as the RBI and National Payments Corporation of India (NPCI).

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