FACE: India’s First Fintech SRO Grows Beyond Digital Lending
Why in the news
One year after RBI recognition, the Fintech Association for Consumer Empowerment (FACE) has become a prominent industry body.
Key facts
- FACE: first SRO-FT in India, recognised July 2024.
- Role: promotes consumer protection, transparency, ethical practice; connects fintechs with regulators.
About SRO-FT
A self-regulatory body that frames, tracks and enforces fintech standards while RBI supervises it.
- Works independently but follows RBI oversight.
- Issues conduct codes, checks compliance, resolves consumer grievances.
- Protects consumers, encourages responsible innovation, eases RBI’s burden.
Exam angle
- First fintech SRO: FACE. Supervisor: RBI.