A countrywide pilot of the newly developed credit protocol infrastructure for the democratisation of credit will start within a fortnight.
The credit protocol infrastructure, known as Open Credit Enablement Network (OCEN):
Mediate the interactions between loan service providers, usually fintechs and mainstream lenders, including all large banks and NBFCs.
Private equity and venture capital players, angel investors, high net worth individuals and others will also could be part of this exercise as investors.
Common language for lenders and credit seekers.
Credit will become more accessible for a large number of entrepreneurs and small businesses in the country.