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Oversight & Enforcement

FACE monitors and enforces regulatory requirements and self-regulatory standards to support credible self-regulation, timely corrective action, and responsible ecosystem behaviour.

This ever-evolving function helps maintain conduct discipline, reduce harm, strengthen confidence in the ecosystem, protect consumers, and support alignment between standards, actual conduct, and regulatory expectations.

Oversight

We keep an eye on the industry, at the company and industry levels, in a systematic manner. Signals and risks are identified, recorded, assessed, and analysed to determine materiality, patterns, and potential implications, enabling us to distinguish between isolated laps, recurring deviations, and broader ecosystem risks.

This includes tracking app marketplaces, analysing patterns in consumer complaints, industry data, and ecosystem inputs on harmful practices, as well as maintaining a compilation of RBI penal and enforcement actions to help identify key compliance themes, supervisory priorities, and recurring areas of concern across the ecosystem.

PDF
A compilation of RBI penalties & enforcement actions FY 24-25

We also monitor and report fraudulent and unauthorised financial apps to relevant agencies, helping remove such apps from the ecosystem. We closely work with Google under its priority flagger program to report fraudulent apps. 

FACE has adopted a multi-throne approach to oversight

Consumer Complaints

  • Complaint Patterns

  • Recurring Customer Issues

  • Friction Points

  • Harm Signals

Media & Public Monitoring

  • News Coverage Analysis

  • Social Media Sentiment

  • Public Discourse Tracking

  • Press & Media Reports

App Marketplace Tracking

  • App Store Reviews

  • Rating Trends

  • User Feedback Analysis

  • Feature Complaint Mapping

MONITORING
SOURCES
Member & Stakeholder Feedback

  • Market Feedback

  • Operational Issues

  • Sector Perspectives

  • Stakeholder Inputs

Industry Data & Surveys

  • Sector Benchmarks

  • Survey Findings

  • Industry Reports

  • Trend Analytics

Regulatory & Enforcement

  • Regulatory Updates

  • Enforcement Actions

  • Compliance Alerts

  • Policy Changes

By converging inputs across these channels, FACE is able to strengthen its oversight capability and respond with agility, suitable to the context and pattern. We also use these insights to inform our work in other areas, such as policy advocacy, consumer protection, standard-setting, and ecosystem development. 

We increasingly harness technology-led capabilities to strengthen this function. These include market intelligence dashboards, automated evidence-gathering, and linkages to risk-intelligence infrastructure to identify and respond to systemic risks that no single entity can address effectively on its own.

Oversight & Enforcement Policy

An independent Oversight and Enforcement Committee operates under the Oversight & Enforcement Policy, reviews and decides on the evidence of harms, risks, gaps, and non-compliance, and determines corrective and remedial individual and corrective actions. 

This institutional structure ensures that enforcement is robust, transparent and accountable, bringing members trust and confidence.

Avtar Monga

Avtar Monga

Independent Director, FACE

Ravindra Pandey

Ravindra Pandey

Ex-Deputy Managing Director, SBI

Rohan Lakhaiyar

Rohan Lakhaiyar

Partner, Risk & Compliance, Financial Service, GT Bharat

Oversight & Enforcement Policy

Oversight & Enforcement Policy sets out FACE’s framework for monitoring, review, escalation, and enforcement across its self-regulatory work.

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Oversight and Enforcement Policy 18 Aug 2025

A trusted platform for sector participation

FACE provides a structured platform through which the FinTech ecosystem can come together, exchange practical inputs, and engage constructively on the issues that matter to the sector.

Responsible growth needs collective engagement

As the sector grows in scale and importance, organisations increasingly need a forum that supports dialogue, good practices, and credible institutional participation.

Built for the realities of the sector

FACE’s work is grounded in how the market operates in practice. Its membership model is designed to reflect operating realities, implementation issues, and the need for collective coordination across a fast-changing ecosystem

More than a network

FACE is not only a network of organisations. It is a platform for structured dialogue, member participation, sector coordination, and practical work across standards, engagement, knowledge, and ecosystem development.

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