The introduction of ULI also complements existing platforms like the Open Credit Enablement Network (OCEN) and the Account Aggregator framework, creating a more cohesive and inclusive credit infrastructure, writes Policy Researcher Srinath Sridharan and Digital Evangelist Ram Rastogi.
Access to credit remains a significant challenge for no-file and thin-file clients, a demographic that includes individuals with limited or no credit history. In a country where a large portion of the population operates within informal or semi-formal financial frameworks, these individuals often find themselves excluded from the traditional credit ecosystem. The reasons for this are both structural and systemic.
No-file and thin-file customers typically fall within specific demographics and psychographics that help explain their financial exclusion. Demographically, these individuals often belong to lower-income groups, rural or semi-urban populations, young adults just entering the workforce, or those employed in informal sectors where formal banking services are limited.
