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Consider the following statements regarding Open Credit Enablement Network (OCEN).
1. The Open Credit Enabling Network is a new credit protocol infrastructure that will link lenders and marketplaces.
2. It will help small businesses and entrepreneurs get loans.
3. National Payments Corporation of India builds it.
Which of the above statements is/are correct?
  • a)
    1 only
  • b)
    1, 2
  • c)
    1, 3
  • d)
    1, 2, 3
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Open Credit Enablement Ne...
Open Credit Enablement Network (OCEN), a credit protocol infrastructure built by the Indian Software Product Industry Roundtable (iSpirt), a think-tank of the software industry, will democratise the lending ecosystem.
OECN as a credit rail will have a common language and connecting lenders and marketplaces, allowing them to create innovative credit products and services on top of it.
It will democratise credit in the country, helping small businesses and entrepreneurs get loans.
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Community Answer
Consider the following statements regarding Open Credit Enablement Ne...
Explanation:

1. Open Credit Enabling Network (OCEN):
- The Open Credit Enabling Network (OCEN) is a new credit protocol infrastructure that aims to connect lenders and marketplaces.
- It is designed to streamline the process of lending and borrowing, making it easier for small businesses and entrepreneurs to access loans.

2. Helping Small Businesses and Entrepreneurs:
- One of the main objectives of OCEN is to provide easier access to credit for small businesses and entrepreneurs.
- By linking lenders and marketplaces through a common credit protocol, OCEN aims to facilitate the flow of credit to those who need it most.

3. Developed by National Payments Corporation of India (NPCI):
- The National Payments Corporation of India (NPCI) is the organization behind the development of OCEN.
- NPCI is a leading payments and financial technology organization in India, known for its innovative solutions in the fintech industry.
Therefore, statements 1 and 2 are correct as OCEN is a new credit protocol infrastructure that aims to help small businesses and entrepreneurs get loans. Statement 3 is incorrect as NPCI, not the National Payments Corporation of India, is behind the development of OCEN.
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Consider the following statements regarding Open Credit Enablement Network (OCEN).1. The Open Credit Enabling Network is a new credit protocol infrastructure that will link lenders and marketplaces.2. It will help small businesses and entrepreneurs get loans.3. National Payments Corporation of India builds it.Which of the above statements is/are correct?a) 1 onlyb) 1, 2c) 1, 3d) 1, 2, 3Correct answer is option 'B'. Can you explain this answer?
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