RBI Governor Shaktikanta Das highlighted the role of several key initiatives aimed at redefining credit access in India:
Account Aggregator Framework: A system designed to consolidate and share financial data securely with user consent, thereby improving credit access for small firms and individuals.
Unified Lending Interface (ULI): A platform intended to streamline and unify the lending process across different financial institutions.
Open Credit Enablement Network (OCEN): An open protocol infrastructure designed to democratize credit access, particularly for small businesses and individuals.
Impact on Credit Access:
These initiatives are expected to significantly enhance credit access, particularly benefiting small firms and individuals who often face challenges in obtaining credit.
Governor Das emphasized that the RBI has developed regulatory frameworks that facilitate the growth of new and innovative businesses in a structured and orderly manner.
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