Does India have Open Banking?

21 Apr 2022 By PAYCEC

In India, Open Banking has progressed quickly in recent years. The progress of Open Banking has been made in India from the business and regulatory perspective. With the rise of Banking-as-a-Service, most well-known and up-and-coming institutions are establishing full-scale BaaS and digital banking departments with clear revenue and customer engagement goals.

The government is continuing to transform the fintech ecosystem by introducing government-backed frameworks such as:

  • Aadhaar Authentication
  • Aadhaar e-KYC, E-Sign
  • JanDhan (Almost every adult has a bank account)
  • GST
  • TReDS
  • Government e-Marketplace
  • Psbloansin59minutes
  • Lending enablement framework (OCEN in progress)
  • Data Empowerment and Protection Architecture (DEPA).

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