SRPA Gets RBI Nod as Self-Regulatory Body for Payment Operators
Why in the news
RBI gave formal SRO status to an industry body of payment companies, aiming for stronger oversight and uniform compliance in digital payments.
Key facts
- SRPA is an industry-led body that promotes orderly growth, common standards and compliance, and links RBI with the PSO sector.
- Founding members include Razorpay, PhonePe, BillDesk, CRED, Infibeam Avenues (CCAvenue), Mobikwik and Euronet, among others; more PSOs may join after RBI approval.
- UPI volume in October 2025: 20.7 billion transactions, ₹27.28 trillion.
Why SRO status
- Uniform compliance across payment operators.
- Ethical conduct and consumer protection.
- Better supervision, dispute resolution and best practices.
- Support for the fast-growing UPI-led payments landscape.
Role of an SRO
- Frames and enforces rules, conduct codes and compliance standards.
- Aligns the industry with RBI priorities; builds self-discipline and consumer trust.
Other SROs in India
| SRO | Sector |
|---|---|
| FACE | Fintech, digital lending |
| FIDC | NBFCs |
| Sa-Dhan and MFIN | Microfinance |
| FIMMDA | Fixed income and derivatives markets |
| SRPA | Payment system operators |
Next steps
- Set up governance and supervisory systems, ensure members follow norms, back innovation while protecting consumers.
Exam angle
- Full form: Self-Regulated PSO Association.
- Regulator granting recognition: RBI.
- FACE is the fintech SRO; FIDC covers NBFCs.