RBI conceptualises Unified Market Interface, says Sanjay Malhotra

RBI Governor Sanjay Malhotra

Reserve Bank of India has conceptualised a Unified Market Interface (UMI) aiming to strengthen the country’s financial infrastructure, said Sanjay Malhotra, Governor of the Reserve Bank of India.

Speaking at the Global Fintech Fest 2025 on October 8, Malhotra said work is underway to develop standards for customer onboarding on digital platforms to enhance interoperability and ease of access.

The Governor also said that the proposed Unified Lending Interface (ULI) will enable lenders to use data to build alternative credit models, similar to how the Unified Payments Interface (UPI) revolutionised the payments landscape.

“The Unified Lending Interface aims to enable the use of data for lenders to build alternative credit models,” he noted.

The initiative could expand credit access to underserved segments, he added.

Malhotra said the country is home to nearly 10,000 fintech entities and continues to see innovation across payments, credit, and financial inclusion. “AI holds the potential to fundamentally enhance the next generation of Digital Public Infrastructure (DPI),” he said.

Malhotra also urged fintech firms to design products that are simple, inclusive, and accessible to all sections of society to help India achieve its goal of becoming a developed nation by 2047.

“Design products and services that are easy to use, accessible for all, with assistive technologies, ensuring that vulnerable groups such as senior citizens, individuals with limited digital literacy, and the specially-abled are not left behind,” he said.