Daijiworld Media Network - Mumbai

Mumbai, Oct 8: Reserve Bank of India governor Sanjay Malhotra on Wednesday outlined a bold vision for India’s fintech future, announcing the development of a Unified Market Interface (UMI) aimed at transforming digital financial ecosystems. Speaking at the Global Fintech Fest 2025 in Mumbai, he revealed that the RBI is actively working on standardising customer onboarding protocols across digital platforms to ensure smoother, more inclusive access to financial services.

Highlighting the central bank’s next strategic move, Malhotra introduced the concept of a Unified Lending Interface (ULI) — a proposed system that would allow financial institutions to leverage alternative credit models by harnessing data, much like UPI revolutionised payments in India.

"India has one of the most vibrant fintech ecosystems globally, with nearly 10,000 players delivering scalable and affordable financial services," Malhotra noted. However, he warned that with rapid growth comes rising threats — specifically digital fraud, which he identified as a pressing challenge. He called for urgent collective action to counter online financial crimes.

To ensure that fintech innovation remains inclusive and secure, the RBI Governor presented a five-point framework for the industry:

1. Inclusive Design: Fintech solutions must cater to all — including senior citizens, the specially-abled, and those with limited digital literacy — through accessible interfaces and assistive technology.
2. Geographical Reach: Expand access in underdeveloped and rural regions, ensuring that the benefits of digital finance are distributed evenly across the country.
3. Customer-First Approach: Build frictionless, intuitive user experiences that reduce dependency on support, thereby enhancing satisfaction and engagement.
4. Support for MSMEs and Underserved Segments: Move beyond consumer payments to design tools and products that empower small businesses and economically marginalised groups.
5. Trust Through Transparency: Prioritise compliance, data protection, and product transparency. Strong user safeguards should be built into platforms to foster long-term trust.

Malhotra also emphasised the transformational potential of Artificial Intelligence (AI) in shaping the next generation of India’s Digital Public Infrastructure (DPI). He sees AI playing a key role in scaling up secure, efficient, and inclusive digital financial services.

As India cements its position as a global fintech leader, the RBI is encouraging the sector to not only innovate but to do so responsibly — with inclusivity, safety, and sustainability at its core.