On Monday, Reserve Bank of India governor Shaktikanta Das signaled the imminent rollout of a new initiative: Universal Lending Interface, a technology platform that will enable frictionless credit for all.
This ambitious idea gives a big leg up for the Account Aggregator (AA) framework, which seeks to bridge millions underbanked Indians with financial institutions. They do this by monetizing the data of individuals/companies to create the desired credit history and hence eligible for a loan.
Launched two years ago, AA just logged 100 million consents. Today it has about 90 million users and rapidly acquiring critical mass.
To put the spotlight on the third coming of Indian FinTech, StratNews Global spoke to Srinivas Jain, Chief of Strategy, Digital and Technology, SBI Mutual Fund.
Anil Padmanabhan has been a journalist for the last 36 years. He has worked in various capacities in several publications including Afternoon Despatch & Courier, Press Trust of India, Business Standard, Mint and was based in New York for India Today. He was a Nieman Fellow in 2001. He tweets at @capitalcalculus.
