Open Credit Enablement Network (OCEN)
Part of: GS Prelims and Mains III – Economy; Investment
- A countrywide pilot of the newly developed credit protocol infrastructure for the democratisation of credit to start soon.
- The credit protocol infrastructure, known as Open Credit Enablement Network (OCEN), will mediate the interactions between loan service providers, usually fintechs and mainstream lenders, including all large banks and NBFCs.
- Open Credit Enablement Network will democratise credit, help small businesses
- OCEN will act as a common language for lenders and marketplaces to utilise and create innovative, financial credit products at scale.