RBI recognises Self-Regulated PSO Association as SRO for Payment System Operators

The Reserve Bank of India (RBI) has recognised the Self-Regulated Payment System Operators (PSO) Association (SRPA) as the Self-Regulatory Organization (SRO) for payment system operators in India.

The recognition was issued through an official RBI press release.

The move follows the RBI’s Framework for Recognition of Self-Regulatory Organisations for Payment System Operators issued in October 2020 and the Omnibus Framework for Recognition of SROs for Regulated Entities issued in March 2024.

SRPA represents several major digital payment operators in India, including Infibeam Avenues (CC Avenue), BillDesk, Razorpay, PhonePe, CRED, Mobikwik, Mswipe, Euronet, Spice Money, Payworld, Unimoni, Open, In Solutions Global, Payglocal, Zokudo, SabPaisa, OxyMoney, and Concerto Software & Systems. Several other PSOs have also started the process to join the association.

The association will now implement governance, compliance, and supervisory mechanisms in line with the RBI’s framework. It is expected to set industry standards, facilitate professional conduct among members, and provide a dispute resolution mechanism.

The RBI’s recognition of SRPA is part of a broader effort to strengthen oversight and co-regulatory frameworks within India’s digital payments sector.Read about our editorial guidelines and ethics policy