The Reserve Bank of India (RBI) has designated the Self-Regulated PSO Association (SRPA) as a self-regulatory organisation (SRO) for payment system operators (PSOs). The central bank recognized SRPA after an application was received and duly considered for SRO status, in line with regulatory guidelines introduced in 2020 and 2024. SRPA will now oversee data protection, compliance, and industry standards.

With the new status, SRPA will serve as the main liaison between RBI and companies in India’s payments ecosystem, like PhonePe, Paytm, and Mastercard. It will ensure ethical behavior, resolve grievances, and advocate for the sector before regulatory authorities and government agencies. The move aims to promote self-governance and transparency in India’s digital payments space.

In a separate development, NPCI International Payments Limited (NIPL) has partnered with Bahrain’s fintech operator BENEFIT to enable real-time money transfers between India and Bahrain. This collaboration will link India’s UPI with Bahrain’s EFTS through Fawri+, enhancing cross-border financial connectivity and digital financial inclusion between the two nations.

Read more at Yahoo Finance: India’s RBI grants self-regulatory status to SRPA for PSOs