The Payments Council of India (PCI) is reportedly in discussions with Indian Banks’ Association (IBA) to jointly apply for a self-regulatory organisation (SRO) licence as a joint venture (JV). If the parties succeed, the digital payments industry may soon get a self-regulator.

According to industry sources, a formal discussion between PCI and IBA to finalise the proposal can be organised soon.  After that, the final proposal will be submitted to the Department of Payments and Settlement Systems of the Reserve Bank of India (RBI). According to the RBI, SRO should act more as a coordination and synchronisation body to manage synergies between all stakeholders. The SRO could be made to co-ordinate with National Payments Corporation of India (NPCI) and the NUE players, and also the whole compliance for payment aggregators and payment gateways.

The new SRO planned by IBA and PCI will reportedly include ensuring compliance among payment gateways (PGs) and payment aggregators (PAs) under the new licence regime of RBI.