RBI Boosts India's Fintech Landscape With Unified Lending Interface
The Reserve Bank of India (RBI) is pushing forward with initiatives to enhance India's fintech landscape. The proposed Unified Lending Interface (ULI) aims to empower lenders with alternative credit models, much like the Unified Payments Interface (UPI) revolutionised payments. Meanwhile, the account aggregator framework, currently serving 160 million accounts, ensures secure data sharing. RBI governor Sanjay Malhotra has urged fintech players to embrace responsible data use for wider inclusion and growth.
India's thriving fintech sector, with nearly 10,000 operational companies and over $40 billion invested in the past decade, is set to reach $100 billion by 2030. The RBI is committed to strengthening this growth by improving customer onboarding, bolstering data security, and enhancing transparency in consent management. Malhotra has called for the development of user-friendly financial products, accessible to all, including vulnerable groups.
UPI, handling over 500 million transactions daily, has been a driving force, accounting for nearly half of global real-time payment volumes. Looking ahead, the focus should be on data aggregation, digital rupee, artificial intelligence, and combating digital fraud. India's success in fintech is built on a robust digital public infrastructure, including Aadhaar, UPI, and the data layer.
Malhotra has highlighted the growing concern of digital frauds and stressed the need to tackle this issue. As India's fintech sector moves into the next phase, responsible data use, accessible products, and robust security measures will be key to sustaining growth and inclusion.
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