Initiatives just like the Account Aggregator framework, Unified Lending Interface (ULI), Open Credit score Enablement Community (OCEN) would assist redefine credit score entry, significantly for small companies and people, Reserve Financial institution of India (RBI) Governor Shaktikanta Das mentioned on Friday on the World FinTech Fest 2024.
“The Reserve Financial institution’s regulatory frameworks have facilitated new and modern companies to develop in an orderly method. These regulatory initiatives mirror our dedication to help innovation with prudence,” he mentioned.
Mr. Das mentioned collaboration between policymakers, regulators, and innovators was the defining component of India’s fintech journey. The success tales in India’s fintech area – like Aadhar, UPI, and Digilocker – had been the outcomes of such collaborative efforts, he noticed.
Stating that digital applied sciences had been instrumental in increasing monetary inclusion, enhancing effectivity, and enabling real-time companies throughout the nation, he mentioned India now stood as a world chief in digital funds, a feat achieved by combining proactive policymaking with innovation and technological developments.
“From cellular banking to digital funds, AI-driven lending, blockchain improvements, the fintech ecosystem is consistently evolving to satisfy the various wants of our rising financial system,” he mentioned.
