Mumbai, Oct 8
Reserve Bank of India Governor Sanjay Malhotra said on Wednesday that the RBI has conceptualised a Unified Market Interface (UMI) and work is underway to develop standards for customer onboarding on digital platforms.
Addressing the Global Fintech Fest 2025 event here, Malhotra also said that the proposed "Unified Lending Interface (ULI) aims to enable the use of data for lenders to build alternative credit models just as UPI has done in the payment space".
The RBI Governor advised them to adopt a customer-first approach by creating frictionless experiences so that customers rarely need to rely on support, reducing pain points and improving engagement.
He underlined that fintechs should extend the success of digital payments to small businesses and other underserved segments, exploring new products and services that enhance financial accessibility.
Malhotra further stated that compliance, data protection, transparency, and robust safeguards should be at the core of product design to foster confidence among users.