Part of: GS Prelims and Mains III – Economy; Investment
In news:
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.
Key points:
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.
