“RBI, as a regulator, has always adopted a progressive approach to ensure customers are able to access financial services seamlessly building towards the larger goal of financial inclusion.

The Reserve Bank’s recent release enabling entities categorized as ‘Specified User’ of Credit Information Companies (CICs) to tap into information with CICs continues to build upon that commitment, leading to further democratization of credit in the country. At a time when fintechs and neo-banks are increasingly offering digital lending solutions, the expanded availability of an individual’s financial information to determine their creditworthiness can be a game changer. The possibilities of partnerships between e-commerce players and lenders will open up, enabling more financing options for purchases.

We’re looking forward to seeing how this new development impacts the digital lending space and increases the accessibility of credit to the traditionally underserved Indians.”