SRPA gets self-regulated organisation tag for PSOs

The Reserve Bank of India (RBI) has granted resignation to self-regulated PSO association (SRPA) as a self regulated organisation (SRO) for payment system operators (PSOs). 

The recognition follows the RBI’s Framework for Recognition of Self-Regulatory Organisations (SRO) for Payment System Operators issued in October 2020, and the Omnibus Framework for Recognition of SROs for Regulated Entities of the Reserve Bank issued in March 2024.

The RBI believes that industry self-governance helps in industry-wide smooth operations and ecosystem development.

Vishwas Patel, Director, SRPA said, “We shall endeavor to play a pivotal role in aligning our members with regulatory priorities. This involves advocating for necessary changes and promoting an alliance and culture of compacting as a crucial conduit between industry players and the RBI.” 

“We shall also put in place a standardised transparent dispute resolution mechanism for resolving disputes amongst members,” he added.

“This marks an important milestone for India’s digital payments ecosystem. It reflects our shared vision to build a system rooted in good governance, transparency, and innovation. SRPA is committed to working hand in hand with the regulator and industry participants to shape a payments landscape that is not only safe and inclusive, but also globally benchmarked in excellence,” added Srinivasu M.N., Director, SRPA.

The SRPA represents the collective commitment of India’s leading payment system operators to foster a safe, secure, and compliant digital payments ecosystem under a collaborative co-regulatory model.

The SRPA members include 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 initiated their membership process and are expected to join the association shortly following this formal approval, further expanding the breadth and representation of SRPA across the digital payments ecosystem.

The SRPA will now operationalise its governance, compliance, and supervisory mechanisms in alignment with the RBI’s framework, working closely with all stakeholders to strengthen trust and innovation within India’s digital payments ecosystem.