In a major step toward making borrowing easier and more transparent, the Reserve Bank of India (RBI) is revamping the country’s credit ecosystem to directly benefit customers like you. This transformation was highlighted in a recent speech by Shri M. Rajeshwar Rao, Deputy Governor of RBI, during TransUnion CIBIL’s 25th anniversary conference in Mumbai.
Over the years, many people have found it difficult to get loans due to missing credit histories, lack of documents, or being part of the informal economy. But that’s changing fast. RBI’s push for financial inclusion is now powered by digital innovation, smart data use, and borrower-friendly regulations that aim to make credit access simpler, safer, and fairer.
One of the biggest advantages for customers is the rise of digital platforms like UPI, DigiLocker, and Aadhaar-based services, which allow lenders to evaluate loan applications even when a borrower has never taken a loan before. This means if you are a first-time borrower, a gig worker, or a small business owner without formal credit records, you still stand a good chance of getting a loan—thanks to digital cash flow and payment data that reflect your financial behavior.
The RBI has also introduced helpful tools like the Account Aggregator system, which allows you to securely share your financial data with lenders—only with your consent. This ensures you are in control of your information while increasing your chances of getting faster and more accurate loan offers.
A special focus has also been given to the MSME sector, which is often under-served despite being a major part of India’s economy. New platforms like the Unified Lending Interface (ULI) and data-sharing from GST records are helping small businesses and entrepreneurs get credit more easily. Even tenant farmers, who previously struggled to access formal finance due to lack of land ownership, are now getting loans through digital tracking of their livelihoods and CBDC-based lending pilots.
For rural India, the RBI is planning to launch a new kind of credit score—the Grameen Credit Score. This will help members of self-help groups (SHGs), small farmers, and others in remote areas to build a credit record and apply for loans with confidence.
Technology is also playing a huge role. With the use of artificial intelligence (AI) and machine learning (ML), lenders can now assess your creditworthiness using everyday financial activity—like mobile payments, savings patterns, or even bill payments—making the loan process quicker and more personalized.
Importantly, the RBI is making sure your rights as a borrower are protected. Credit Information Companies are required to offer you one free full credit report every year, correct errors quickly, and cannot hide any charges. Soon, credit data will be updated more frequently, ensuring that your repayments and loan closures are reflected quickly—boosting your credit score in real time.
The message from RBI is clear: your financial data belongs to you, and it should work for you. Whether you’re a salaried worker, a vegetable vendor, or a freelancer earning online, the goal is to ensure that everyone has fair access to credit. Borrowing is no longer just for the privileged few—it’s becoming a right for every financially responsible citizen.
As we move ahead, the RBI’s reforms are helping create a credit system that is modern, inclusive, and empowering. For customers, this means more choices, better loan terms, fewer hurdles, and a safer borrowing experience.
