RBI Governor announces development of Unified Market Interface

RBI has conceptualised a Unified Market Interface and Unified Lending Interface to enhance fintech services, said Sanjay Malhotra. He urged inclusive, user-friendly designs, emphasised AI and digital infrastructure, and flagged growing digital fraud risks in India’s fintech ecosystem

Mumbai: Reserve Bank of India Governor Sanjay Malhotra said on Wednesday that the RBI has conceptualised a Unified Market Interface (UMI) and work is underway to develop standards for customer onboarding on digital platforms.

Addressing the Global Fintech Fest 2025 event here, Malhotra also said that the proposed “Unified Lending Interface (ULI) aims to enable the use of data for lenders to build alternative credit models just as UPI has done in the payment space”.

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

Observing that India has a vibrant fintech ecosystem and the fintech industry has made it possible to deliver financial services at scale and affordable cost, he said, the country has close to 10,000 entities.

Malhotra also flagged the issue of growing digital fraud and made a strong case for making efforts to curb the menace.

The RBI Governor further stated that artificial intelligence (AI) holds the potential to fundamentally enhance the next generation of Digital Public Infrastructure (DPI).

He highlighted a five-point mantra for fintechs to enhance financial inclusion and spur digitalisation in the economy.

Malhotra urged fintechs to improve access for less-developed regions of India, designing products that are intuitive and easy to use for populations with lower digital literacy.

The RBI Governor advised them to adopt a customer-first approach by creating frictionless experiences so that customers rarely need to rely on support, reducing pain points and improving engagement.

He underlined that fintechs should extend the success of digital payments to small businesses and other underserved segments, exploring new products and services that enhance financial accessibility.

Malhotra further stated that compliance, data protection, transparency, and robust safeguards should be at the core of product design to foster confidence among users.