Descriptions
With rapid progress in digitalisation, societies have come to reply increasingly on digital systems and services. Such systems can provide citizens with a digital identity, facilitate payments and help them perform other financial and non-financial activities. Just like road and railway lines help transport goods and people, a Digital Public Infrastructure (DPI) is an essential building block for transport of encrypted data on the digital highway.
In this webinar Mr OmPrakash Subbaro will shed light on India’s digital journey. After a brief introduction to the Unified Payments Interface (UPI) developed by the National Payments Corporation of India (NPCI) in 2016, his presentation will cover the following two digital initiatives that leverage on the DPI.
Unified Lending Interface (ULI): Just like the UPI transformed the payments ecosystem, the Unified Lending Interface (ULI) is expected to play a similar role in transforming the lending space in India. Currently, diverse sources of financial and non-financial data required by lenders for digital credit delivery exist, but they often lie in silos across different entities like Central and State government authorities, Fintechs, Techfins, Account Aggregators, Credit Information Companies and Digital Identity Authorities, to name a few. Lenders, as part of their credit underwriting requirements, need to individually connect with these data sources, making it highly cumbersome and costly. The ULI has been developed by Reserve Bank Innovation Hub (RBIH) with support from the Reserve Bank of India (RBI). ULI is a technology platform built to facilitate easy access to authenticated data from various sources through standardised APIs to which all lenders can connect seamlessly through a ‘plug and play’ model.
Digital Information Utility: This Digital Utility, built as part of the DPI, has made the process of addressing the growing problem of non-performing assets (NPAs) faced by banks in India ‘frictionless’. It provides digital solutions in the reorganization and insolvency resolution process as per the provisions of the Insolvency and Bankruptcy Code, 2016.
Speaker Bio
Omprakash Subbarao is currently the Chief Executive Officer of CORE labs at the Indian Institute of Science (IISc), Bangalore where he is leading the Collaborative Research that IISc does with the industry. He is also the Technology Advisor of National Health Authority. He has held leadership positions in various organisations that include Accenture, Yahoo, Infosys and KPMG. He is a regular invited speaker in several National and International forums. He has been on the Industry Advisory Boards and Committees at Indian Institute of Management Bangalore and the Indian Institute of Science. Omprakash holds a Master’s Degree in Engineering from the Indian Institute of Science and a Post Graduate Diploma in Management from the Indian Institute of Management Bangalore.
