RBI Notification: 2020-2021/58 dated 22.10.2020

The RBI, in its efforts to make doing business in India easier and more efficient, has now finalized its framework for Self-Regulatory Organisation (SRO) for Payment System Operators. An SRO is a non-governmental organization that enforces rules and standards relating to the conduct of its members to help protect customers and promote ethical and professional standards.
The central bank said the SRO shall be set up as a not-for-profit company under the Companies Act of 2013 and only regulated payment system entities such as banks and non-bank PSOs can be members of the SRO.