According to Reserve Bank of India Governor Sanjay Malhotra, the bank has envisioned a Unified Market Interface (UMI) with the goal of bolstering the nation’s financial infrastructure.
Unified framework for lending
Malhotra said that efforts are being made to create standards for client onboarding on digital platforms in order to improve accessibility and interoperability during his remarks at the Global Fintech Fest 2025 on October 8.
The Governor said that, much as the Unified Payments Interface (UPI) transformed the payments industry, the planned Unified Lending Interface (ULI) would allow lenders to leverage data to create alternative credit models.
He said that the goal of the Unified Lending Interface is to make it possible for lenders to create alternative credit models using data.
Fintech for inclusive growth
He stated that the program may increase underprivileged groups’ access to credit.
According to Malhotra, there are around 10,000 fintech companies in the nation, and innovation in credit, payments, and financial inclusion is still ongoing. According to him, “AI has the potential to significantly improve the future generation of Digital Public Infrastructure (DPI).”
In order to assist India in reaching its objective of being a developed country by 2047, Malhotra also advised fintech companies to create solutions that are easy to use, inclusive, and accessible to all facets of society.
In order to ensure that vulnerable groups like the elderly, those with low levels of digital literacy, and people with special needs are not left behind, he said, “design products and services that are easy to use, accessible for everyone, with assistive technologies.”