Malhotra urged fintech firms to create user-friendly, inclusive products for all, including vulnerable groups, highlighting India’s 10,000-strong fintech ecosystem delivering large-scale, affordable financial services

Mumbai

Reserve Bank of India Governor Sanjay Malhotra on Wednesday outlined key initiatives to strengthen India’s fintech ecosystem and enhance financial inclusion. Speaking at the Global Fintech Fest 2025, he said the RBI has conceptualised a Unified Market Interface (UMI), with work underway to develop standards for seamless customer onboarding across digital platforms. He also highlighted the proposed Unified Lending Interface (ULI), which aims to enable lenders to leverage data for building alternative credit models, similar to UPI’s transformation of digital payments.

Malhotra emphasised that fintech firms should design products that are easy to use, accessible to all, and inclusive of vulnerable groups such as senior citizens, the specially-abled, and those with limited digital literacy. Pointing to India’s vibrant fintech ecosystem, which comprises nearly 10,000 entities, he noted the industry’s ability to provide financial services at scale and at affordable costs.

He also stressed the growing challenge of digital fraud and called for stronger preventive measures. Highlighting the potential of artificial intelligence (AI) to enhance Digital Public Infrastructure, Malhotra shared a five-point approach for fintechs: improve access in underdeveloped regions, ensure intuitive product design, adopt a customer-first strategy with minimal friction, extend digital financial services to small businesses and underserved populations, and prioritise compliance, data protection, and transparency.

The RBI Governor concluded that fintech innovations should combine financial inclusion, security, and user confidence, ensuring that India’s digital economy continues to expand while remaining safe and accessible to all.