RBI grants SRO status to SRPA for payment system operators
11 Nov 2025, 07:10 PMThe SRPA was an entity floated by industry association Payments Council of India (PCI) to qualify as an SRO under the RBI’s framework.
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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 notified through a press release by the RBI.
The SRPA was an entity floated by industry association Payments Council of India (PCI) to qualify as an SRO under the RBI’s framework.
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.
“An application was received from ‘Self-Regulated PSO Association (SRPA) seeking to serve as an SRO for PSOs. The application has been duly considered and it has been decided to recognise SRPA as an SRO for PSOs,” the RBI stated.
SRPA represents payments majors, including 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 SRO must act as the collective voice of its members in engagements with the Reserve Bank, government authorities or other regulatory and statutory bodies, in India.
It is expected to promote a culture of compliance among its members by encouraging progressive practices and conventions. Special attention must be given on extending guidance and support, particularly to smaller entities within the sector, and sharing best practices aligned with statutory and regulatory policies. For this purpose, the SRO should frame and implement a comprehensive code of conduct for its members.
The SRO is expected to collect and share relevant sectoral information to the RBI to aid in policymaking. It should also use the information to foster innovation, and coordinate on the introduction of new products within the broader regulatory framework.
In October 2025, the RBI recognised the Finance Industry Development Council (FIDC) as SRO for NBFCs. Last year, the central bank recognized an industry association Fintech Association for Consumer Empowerment (FACE) as SRO for fintech sector.
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