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    Question

    The Reserve Bank of India (RBI) has issued a framework

    for recognizing Self-Regulatory Organizations (SROs) in the financial technology sector (SRO-FT). According to the guidelines, fintech entities regulated by the RBI are encouraged to join at least one SRO-FT. Which of the following statements is correct regarding the framework?
    A SRO-FT membership is mandatory for all fintech entities regulated by the RBI. Correct Answer Incorrect Answer
    B Banks and all other RBI-regulated entities are eligible to become members of SRO-FTs. Correct Answer Incorrect Answer
    C Multiple SRO-FTs can be formed, and fintech entities are encouraged to join at least one. Correct Answer Incorrect Answer
    D Fintech entities are restricted from holding membership in more than one SRO-FT. Correct Answer Incorrect Answer
    E Only payment and settlement system operators are permitted to join SRO-FTs. Correct Answer Incorrect Answer

    Solution

    According to the RBIā€™s framework, there may be more than one SRO-FT, and fintech entities are encouraged to join at least one. The guidelines also suggest that fintech entities could hold membership in more than one SRO-FT, and banks are excluded from this framework.

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