RBI recognises Unified Fintech Forum as second self-regulatory body for fintech

The Reserve Bank of India (RBI) has recognised Unified Fintech Forum (UFF) as a self-regulatory organisation for the fintech sector (SRO-FT), making it the second such body to receive the central bank’s approval.

The RBI had recognised the Fintech Association for Consumer Empowerment (FACE) as the first SRO-FT in August 2024, after it laid down the framework for recognising SROs in May.

SROs are responsible for establishing and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes and fostering transparency and accountability among members.


UFF had 118 members as of end June this year, as per its website, spanning non-banking finance corporations (NBFCs), loan service providers (LSPs), technology service providers (TSPs), credit bureaus and account aggregators.

Its members include Angel One, DMI Finance, InCred, Lendingkart, Muthoot Fincorp, Navi Finserv, One97 Communications (Paytm), PayU Finance, Piramal Capital & Housing Finance, UGRO Capital and TransUnion CIBIL, among others.

UFF, previously known as Digital Lenders Association of India (DLAI), is headed by Manish Lunia, cofounder of FlexiLoans, as president, whereas Upasana Taku, cofounder and executive director of MobiKwik is vice president of UFF’s executive committee.

Among the executive committee members are Shachindra Nath of UGRO Capital, Harshvardhan Lunia of Lendingkart, Sujith Narayanan Kutty of Fi Money, and Nalin Negi of BharatPe.

The RBI said in a statement on Thursday that it had received an application from UFF seeking recognition as an SRO-FT. The application was examined against the requirements laid down under RBI’s framework for recognising such organisations, following which it decided to accord recognition to the forum.

The SRO framework is part of the central bank’s broader approach of using industry-led mechanisms to promote responsible growth and governance in the rapidly evolving fintech ecosystem.