With reference to Open Credit EnablementNetwork (OCEN), consider the followingstatements :1. It is a credit protocol infrastructure whichmediates between fintech and mainstreamlenders, including NBFCs.2. OCEN is being developed by the ReserveBank of India.3. OCEN can be used by non-bank small-scalelenders.Which of the statements given above is/arecorrect ?a)Only one statementb)All the Statementsc)Only Two Statementsd)None of the AboveCorrect answer is option 'C'. Can you explain this answer?

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With reference to Open Credit Enablement Network (OCEN), consider the following statements :
1. It is a credit protocol infrastructure which mediates between fintech and mainstream lenders, including NBFCs.
2. OCEN is being developed by the Reserve Bank of India.
3. OCEN can be used by non-bank small-scale lenders.
Which of the statements given above is/are correct ?

a)
Only one statement
b)
All the Statements
c)
Only Two Statements
d)
None of the Above

Correct answer is option 'C'. Can you explain this answer?

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With reference to Open Credit EnablementNetwork (OCEN), consider the f...

Acquiring a loan currently requires (Loan Service Providers) LSPs to shoulder a host of responsibilities. These include sourcing, identity verification, underwriting, disbursement, recollections and dispute management. Each of these is a process unto itself, and their execution impacts the profits earned by an LSP. Taking these processes online would reduce the time and cost of loan disbursements and could reflect more favourable interest rates charged by lenders. The new technology, OCEN, bundles these lending processes and executes them online. It automates screening processes to decide on loan-worthy customers and the on boarding of new borrowers. These processes are being streamlined further by integrating the verification process with Aadhaar’s existing e- KYC system. OCEN is a credit protocol infrastructure that will mediate the interactions between loan service providers, usually fintech and mainstream lenders, including all large banks and NBFCs. So, Statement 1 is correct.
OCEN is being developed by iSPIRT, an Indian software industry think tank, not by the Reserve Bank of India. OCEN could be instrumental in building a credit marketplace or, more broadly, a digital ecosystem of lenders and loan service providers (LSPs). So, Statement 2 is not correct.
Digitalizing credit systems is also expected to help democratize them by connecting loan providers with customers who are not part of any formalized credit system. OCEN can also be used by non-bank small- scale lenders, thus expanding the scope of lending and borrowing. So, Statement 3 is correct.

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With reference to Open Credit EnablementNetwork (OCEN), consider the followingstatements :1. It is a credit protocol infrastructure whichmediates between fintech and mainstreamlenders, including NBFCs.2. OCEN is being developed by the ReserveBank of India.3. OCEN can be used by non-bank small-scalelenders.Which of the statements given above is/arecorrect ?a)Only one statementb)All the Statementsc)Only Two Statementsd)None of the AboveCorrect answer is option 'C'. Can you explain this answer?

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With reference to Open Credit EnablementNetwork (OCEN), consider the followingstatements :1. It is a credit protocol infrastructure whichmediates between fintech and mainstreamlenders, including NBFCs.2. OCEN is being developed by the ReserveBank of India.3. OCEN can be used by non-bank small-scalelenders.Which of the statements given above is/arecorrect ?a)Only one statementb)All the Statementsc)Only Two Statementsd)None of the AboveCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to Open Credit EnablementNetwork (OCEN), consider the followingstatements :1. It is a credit protocol infrastructure whichmediates between fintech and mainstreamlenders, including NBFCs.2. OCEN is being developed by the ReserveBank of India.3. OCEN can be used by non-bank small-scalelenders.Which of the statements given above is/arecorrect ?a)Only one statementb)All the Statementsc)Only Two Statementsd)None of the AboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to Open Credit EnablementNetwork (OCEN), consider the followingstatements :1. It is a credit protocol infrastructure whichmediates between fintech and mainstreamlenders, including NBFCs.2. OCEN is being developed by the ReserveBank of India.3. OCEN can be used by non-bank small-scalelenders.Which of the statements given above is/arecorrect ?a)Only one statementb)All the Statementsc)Only Two Statementsd)None of the AboveCorrect answer is option 'C'. Can you explain this answer?.

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