Introduction At the Global Fintech Fest in Mumbai, Reserve Bank of India (“RBI”) Governor Sanjay Malhotra announced the recognition of the Unified Fintech Forum (‘UFF’) as the second self-regulatory organisation for the fintech sector (‘SRO-FT’). The step extends the RBI’s preference for industry-led standard-setting in a sector where many participants sit outside the formal regulatory…
Introduction The operationalisation of the Payments Regulatory Board (“PRB”) in May 2025, in its inaugural meeting on January 5, 2026, represents a significant structural intervention in India’s financial governance. Replacing the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (“BPSS”), the PRB introduces a multi-stakeholder governance model that institutionalises the tension between…
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