UPI is the earliest implementation of an open-banking based payment infrastructure that is free for customers and enables them to create verifiable digital financial footprints in real time. Importantly, customers own their data and can share their UPI transaction history across financial intermediaries.
In fact, the paper establishes five main findings. First, UPI significantly expanded consumer credit access both on the intensive (included borrowers) and extensive (excluded borrowers) margins, particularly for traditionally underserved borrowers. Importantly, credit increases for both the incumbent banks and the new entrants (fintechs). Financial inclusion improves particularly benefiting marginal borrowers such as subprime and new-to-credit borrowers (i.e., borrowers who did not have access to formal credit markets earlier).
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Maruti Suzuki to hike car prices upto 4 per cent from January
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Taiwan demands that China end its military activity in nearby waters
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Australian police launch a special operation to investigate increased antisemitic attacks
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Philippine vice president skips hearing into threats she made against the president
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