Is RBI Ready with Unified Market Interface?
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Synopsis
The RBI is making strides in the fintech space with the introduction of a Unified Market Interface and Unified Lending Interface. Governor Sanjay Malhotra emphasizes accessibility for all, urging fintechs to create user-friendly products while tackling digital fraud. Discover how AI can enhance financial inclusion and transform Digital Public Infrastructure.
Key Takeaways
- Unified Market Interface (UMI) is being developed for easier onboarding.
- Unified Lending Interface (ULI) aims to leverage data for credit models.
- Fintechs are encouraged to design accessible products for all populations.
- Addressing digital fraud is a priority for the RBI.
- AI can significantly enhance Digital Public Infrastructure.
Mumbai, Oct 8 (NationPress) Reserve Bank of India Governor Sanjay Malhotra announced on Wednesday that the RBI has developed the concept of a Unified Market Interface (UMI), with efforts underway to establish standards for customer onboarding across digital platforms.
While speaking at the Global Fintech Fest 2025, Malhotra explained that the proposed Unified Lending Interface (ULI) is designed to leverage data to assist lenders in creating alternative credit models, similar to how UPI transformed the payments landscape.
He urged fintech companies to focus on creating products and services that are user-friendly and accessible, highlighting the importance of incorporating assistive technologies to ensure that vulnerable populations, such as the elderly, those with limited digital literacy, and individuals with disabilities, are included.
Malhotra noted that India boasts a dynamic fintech ecosystem, with nearly 10,000 entities contributing to the delivery of financial services at scale and affordability.
He also raised concerns about the rise of digital fraud, advocating for proactive measures to combat this issue.
The RBI Governor emphasized that artificial intelligence (AI) could significantly improve the next generation of Digital Public Infrastructure (DPI).
He presented a five-point strategy for fintechs aimed at promoting financial inclusion and accelerating digitalization within the economy.
Malhotra called for enhancements in access for underdeveloped areas of India, promoting the design of intuitive products for populations with lower digital literacy.
He encouraged a customer-centric approach, advocating for seamless experiences that minimize the need for customer support, thereby reducing obstacles and enhancing user engagement.
Moreover, he stressed the importance of extending the benefits of digital payments to small businesses and other underserved communities by exploring innovative products and services that improve financial accessibility.
Malhotra concluded by stating that compliance, data protection, transparency, and robust safeguards must be central to product design, fostering user confidence.
Point of View
The Reserve Bank of India's initiatives under Governor Sanjay Malhotra signify a commitment to inclusivity and innovation. The introduction of the Unified Market Interface and emphasis on accessibility for underserved groups showcase a forward-thinking approach. However, the challenges of digital fraud and the need for compliance cannot be overlooked, requiring a balanced strategy that prioritizes both innovation and security.
NationPress
09/10/2025
Frequently Asked Questions
What is the Unified Market Interface?
The Unified Market Interface (UMI) is a conceptual framework by the RBI aimed at creating standardized processes for customer onboarding on digital platforms.
Who is the Governor of the Reserve Bank of India?
The current Governor of the Reserve Bank of India is Sanjay Malhotra.
What role does AI play in the RBI's plans?
Artificial Intelligence (AI) is expected to enhance the next generation of Digital Public Infrastructure (DPI), improving efficiency and accessibility.
How many fintech entities are there in India?
India has nearly 10,000 fintech entities contributing to the financial services landscape.
What measures are being taken against digital fraud?
Governor Malhotra emphasized the need for proactive measures to combat the growing issue of digital fraud.
