Initiatives like the Account Aggregator framework, Unified Lending Interface (ULI), Open Credit Enablement Network (OCEN) would help redefine credit access, particularly for small businesses and individuals, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday at the Global FinTech Fest 2024. 

“The Reserve Bank’s regulatory frameworks have facilitated new and innovative businesses to grow in an orderly manner. These regulatory initiatives reflect our commitment to support innovation with prudence,” he said.

Mr. Das said collaboration between policymakers, regulators, and innovators was the defining element of India’s fintech journey. The success stories in India’s fintech space - like Aadhar, UPI, and Digilocker - were the results of such collaborative efforts, he observed.

Stating that digital technologies had been instrumental in expanding financial inclusion, improving efficiency, and enabling real-time services across the country, he said India now stood as a global leader in digital payments, a feat achieved by combining proactive policymaking with innovation and technological advancements.

“From mobile banking to digital payments, AI-driven lending, blockchain innovations, the fintech ecosystem is constantly evolving to meet the diverse needs of our growing economy,” he said.