RBI recognizes Unified Fintech Forum as fintech sector's second self-regulatory body
India's central bank, the RBI, has recognized the Unified Fintech Forum (UFF) as the sector's second self-regulatory organization. The recognition was announced at the Global Fintech Fest in Mumbai.
The Reserve Bank of India (RBI) has officially recognized the Unified Fintech Forum (UFF) as the fintech sector's second self-regulatory organization (SRO). The announcement was made by Governor Sanjay Malhotra during a keynote address at the Global Fintech Fest held in Mumbai on September 10, 2026.
UFF, formerly known as the Digital Lenders Association of India (DLAI) before its rebranding in April 2025, comprises over 120 members. These include regulated and unregulated fintech firms, non-banking financial companies, and payment gateways. Self-regulatory organizations are tasked with setting and enforcing industry-led standards, particularly for fintech entities not directly supervised by the RBI.
During the announcement, Governor Malhotra cautioned fintech companies against deliberately structuring their businesses around regulatory gaps. He emphasized that the RBI's regulatory sandboxes and pilot mechanisms are intended for early engagement by innovators with regulators, allowing for supervised testing and rule-shaping. Malhotra underscored that firms seeking to outrun regulations will eventually face consequences.
Malhotra also reminded larger fintech firms of their responsibilities. While it is appropriate for regulation not to unduly burden early-stage innovation, as firms grow to become systemically significant, they assume an obligation to ensure operational resilience, business continuity, and cybersecurity. He described this responsibility as being "too significant to be careless."
Furthermore, Malhotra urged fintechs to treat data as a fiduciary responsibility rather than merely a business asset. He stressed the importance of collecting data for a clear purpose, strictly adhering to consent, and protecting it with the same diligence as the firm's own sensitive information. He cited the account aggregator framework as an example of this principle, encouraging firms to internalize it as a value rather than a compliance requirement.