UFF previously operated under the name Digital Lenders Association of India. Its recognition follows that of the Fintech Association for Consumer Empowerment, or FACE, which received approval in August 2024. The move adds another industry body to the framework for overseeing fintech conduct.

A self-regulatory organisation is a non-government body that establishes standards for its members. The RBI expects these organisations to encourage ethical business practices and customer protection, helping reduce the need for the central bank to supervise every small fintech directly.

UFF has 118 members across several parts of digital finance. Its membership covers NBFCs, technology firms, lending service providers, credit bureaus and account aggregators. That mix gives the forum a role across different stages of digital lending, rather than just one type of business.

Under the RBI framework issued in May 2024, UFF's responsibilities include enforcing regulatory standards, supporting legal compliance and helping settle disputes among companies. It must also encourage openness about charges and the handling of customer information. As a non-profit advocacy body, it represents fintech concerns before the government while promoting responsible business growth.