You are reading it here first: The Payments Council of India (PCI) is looking at setting up a self-regulatory organisation (SRO) representing several payments systems operators (PSOs) under the Reserve Bank of India's (RBI) framework for PSO SROs, two senior payments officials told MediaNama. The officials said that the PCI will continue to function as an industry body for non-bank payments player under the aegis of the Internet and Mobile Association of India, while an exclusive organisation will be floated to qualify as an SRO with the RBI. In February this year, the RBI stated that it would create a framework for authorising SROs for the payment system which will serve as a two-way communication channel between the players and the regulator. According to RBI's final framework, published on October 22, the SRO is responsibly for setting and enforcing rules and standards across the industry while protecting the customer and promoting ethical and professional standards. As the payment ecosystem matures and the number of payments systems proliferate, it becomes necessary, in the interest of optimal use of regulatory resources, that the payments industry develops standards in respect of system security, pricing practices, customer protection measures, grievance redressal mechanisms etc. While self-regulation would release regulatory resources that can be better focused on issues of systemic importance, it would, by virtue of being developed by the industry itself, be more appropriate and encourage better compliance. RBI Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators Self-regulation as opposed to independent…
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