Priyanka Tiwari
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A group of key members from the Fintech Convergence Council (FCC), under the Internet and Mobile Association of India (IAMAI), have officially launched a new regulatory-focused body — the India Fintech Foundation (IFF). The foundation has been formed with the objective of securing a Self-Regulatory Organisation (SRO) license from the Reserve Bank of India (RBI).
Also known as the SRO-Fintech Development Foundation (SROFT-DF), IFF is now preparing to submit its formal application to the RBI to act as the official SRO for the fintech ecosystem in India.
IFF Launch Ceremony Highlights
The formal unveiling took place at the Startup Mahakumbh event in New Delhi, led by G20 Sherpa Amitabh Kant. The event was graced by former RBI Deputy Governor NS Viswanathan — now appointed as Chairman of the IFF Board — and DPIIT Joint Secretary Sanjiv Singh.
The IFF Board comprises a wide mix of fintech entrepreneurs and former senior officials from institutions such as the RBI, SIDBI, SBI, and CERSAI.
Leadership and Membership
Sai Sudha Chandrasekaran, former Head of FDI (APAC) at Invest India, has been appointed as Chief Executive Officer (CEO) of IFF.
The foundation has already secured nearly 100 members, including prominent fintech leaders:
Jitendra Gupta (Jupiter)
Sujith Narayanan (Fi Money)
Harshvardhan Lunia (LendingKart)
Anurag Sinha (OneCard)
Srikanth Rajagopalan (Perfios AA)
IFF’s Five Strategic Goals
According to CEO Sai Sudha, the IFF will focus on:
Reducing regulatory burden through standardization
Building a robust ecosystem across the fintech value chain
Fostering innovation across all sub-sectors of fintech
Safeguarding consumer interests and ensuring fair practices
Creating a transparent, credible, and unified industry voice
SRO Framework and Industry Context
The RBI had previously invited applications for recognized SROs in the fintech and digital lending space. In 2024, the Fintech Association for Consumer Empowerment (FACE) secured the SRO license. Other applicants, including FCC and Digital Lenders Association of India (DLAI), were encouraged to reapply.
In response:
FCC members formed the new IFF entity.
DLAI rebranded itself as the Unified Fintech Forum (UFF) to align better with regulatory expectations.
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