Fintech companies should set up a self-regulatory body within a year for an orderly growth of the industry, Reserve Bank of India Governor Shaktikanta Das said on Wednesday.

Speaking at the Global Fintech Fest in Mumbai, Das said that a year’s time is sufficient to set up a self-regulatory organisation (SRO). “I do hope that by next year, when we meet for the 2024 edition of the Global Fintech Fest, I see an SRO formed,” he said.

The RBI is willing to engage with the fintech players to help them establish a self-regulatory organisation (SRO).

The fintechs can voice their requirements more frequently to the SRO. The other advantage is that all the aspects of regulation will not be burdened on the RBI.

"Fintech players need to evolve industry best practices, privacy and data protection norms in sync with the law of the land," the RBI Governor said, adding that they can also set standards on issues like mis-selling, promoting ethical business practices and transparency in pricing.

Das said that good governance will be key to durable and long-term success of any company, and in particular, the fintech players.

The Indian fintech industry is estimated to generate revenue of around $200 billion by 2030. It could potentially contribute to approximately 13% of the global fintech industry's total revenue, Das said.

The global fintech sector, which currently generates about $245 billion of annual revenue, is estimated to touch $1.5 trillion by 2030, Das said.