SROFT-DF launches India Fintech Foundation as it bats for RBI recognition

According to Sai Sudha Chandrasekaran, CEO of SROFT-DF, India Fintech Foundation intends to create a regulatory framework that supports innovation while promoting responsible conduct.

Apr 4, 2025 - 12:00

SROFT-DF launches India Fintech Foundation as it bats for RBI recognition

The SRO-Fintech Development Foundation (SROFT-DF) launched India Fintech Foundation (IFF) at Startup Mahakumbh 2025 as a new governance initiative in the fintech sector.

Positioned as a diverse body with cross-sectoral representation, IFF seeks to become one of the largest self-regulatory organisations (SROs) in the country. It also aims to be the second SRO to receive recognition from the Reserve Bank of India (RBI) after the Fintech Association for Consumer Empowerment (FACE).

According to Sai Sudha Chandrasekaran, CEO of SROFT-DF, IFF intends to create a regulatory framework that supports innovation while promoting responsible conduct.

“We want to be the voice of the industry across various fintech sub-sectors, be it digital payments, lending, insurtech, regtech, or blockchain. Diversity is our strength, and it is critical to ensure inclusivity in shaping industry standards,” she said in an interview with YourStory on the sidelines of Startup Mahakumbh.

Also Read

VC funding in Q1 2025 remains flat; Bengaluru startups get over $1B

IFF’s membership base comprises nearly 100 individuals, including fintech founders, industry experts, and former officials from RBI, SIDBI, and CERSAI. The foundation's board includes leaders from firms such as Jupiter, Fi Money, LendingKart, OneCard, and Perfios. Jitendra Gupta, who represents the fintech sector on the Inter-Ministerial Industry Committee on Fintech (IMICF), noted that inclusivity is a core aspect of IFF’s framework.

“The board reflects a cross-section of the industry—both established players and startups. It’s important for us to be inclusive and address everyone’s concerns, whether they are large fintech companies or emerging startups,” stated Chandrasekaran, who was earlier involved with the Invest India initiative under the Ministry of Commerce.

Achieving official recognition from the RBI remains a key objective. The foundation plans to build credibility through adherence to principles of transparency, compliance, and consumer protection. “While RBI recognition is a goal, our primary focus is on creating value and credibility through responsible self-regulation. We want to be proactive rather than reactive,” she added.

IFF’s stated goal is to establish standards for responsible innovation, ensuring that the sector’s growth aligns with ethical practices. “There is an urgent need for a cohesive framework that ensures compliance across various fintech verticals. Our approach will be data-driven, leveraging analytics to monitor compliance and enhance governance,” Chandrasekaran explained.

IFF is also addressing the fragmented regulatory environment for emerging technologies such as decentralized finance (DeFi) and Web3. “The innovation in fintech is happening at such a rapid pace that regulations often struggle to keep up. We want to create a framework where innovation is encouraged, but the risks are well-mitigated,” she said.

Gupta highlighted the importance of standardisation. “The goal is to create a level playing field that promotes competition and consumer protection. IFF’s diverse leadership gives it the credibility and insight needed to address a wide range of issues.”

Edited by Kanishk Singh