Journey to Open Finance and Open Data
summary
India builds a production-grade digital public goods stack around unified payment interface (UPI) and a consent layer called the Data Empowerment and Protection Architecture, with banks, insurers and newly licensed account aggregators exchanging encrypted data via RBI API specs. Use cases already live or piloted include instant mortgage onboarding with one‑year salary pulls, continuous account monitoring for tenured loans, cash‑flow lending for SMEs, and potential instant credit scoring from five years of transaction and GST data, cutting acquisition costs and eliminating paper.
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chapters (14)
- 0:00Introduction
- 1:10Speaker intro
- 3:16India Stack layers
- 6:27Financial system problems
- 7:09Data Empowerment Architecture
- 10:00Regulatory framework
- 13:27Account aggregator ecosystem
- 14:33Use cases now and future
- 16:36Benefits for financial institutions
- 17:40Benefits for individuals and SMEs
- 19:05Regulator vs market approach
- 20:29India's open data journey
- 21:11Inclusivity and bottom of pyramid
- 22:13Digital transformation India
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