UPI BASED INNOVATIONS

Subject : Science & tech

Concept :

OPEN CREDIT ENABLEMENT NETWORK (OCEN)

OCEN is a credit protocol infrastructure, which will mediate the interactions between loan service providers, usually fintech and mainstream lenders, including all large banks and NBFCs.
It is developed by a think tank, Indian Software Products Industry Round Table (iSPIRT).
With this, a credit will become more accessible for a large number of entrepreneurs and small businesses in the country.
Private equity and venture capital players, angel investors, high net worth individuals and others also could be part of this exercise as investors.
There are already seven banks including SBI, HDFC Bank, ICICI Bank and Axis that are enrolled on Sahay GEM and, over time, presumably, others will enrol as well
Account Aggregators which will be using these APIs to embed credit offerings in their applications, and will be called ‘Loan Service Providers’, which will play a crucial role in democratizing access to credit, and lowering interest rates for customers.

Significance

The cost of lending being too high in India, small value loans becomes very unfeasible.
OCEN which seeks to connect lenders to marketplaces and thereby to borrowers is a technology system.
If implemented, the technology can democratize lending to micro-enterprises and street vendors in a big way.

SAHAY GEM PLATFORM

SAHAY platform, a new avenue has opened up to provide a solution to the working capital needs of MSMEs.
‘GeM-SAHAY’ can be utilised to provide frictionless financing for MSMEs on GeM(Government e Marketplace) where they can now get a loan at the point of acceptance of an order on the platform.
The country’s leading lenders are associated with the SAHAY platform .
It is a mix of the largest public sector bank SBI, leading private sector banks like ICICI Bank, HDFC Bank, Axis Bank ,IDFC First Bank and leading NBFC like Bajaj Finserv’

OPEN HEALTH SERVICES NETWORK

OHSN is the interface which governs the relationship between various market players in the healthcare ecosystem such as tele consult providers, pharmacies, or diagnostic centres on one side, and government or private apps and platforms on the other side.
Open Health Services Network (OHSN) is to be handled by the National Health Authority.
As in the case of OCEN, doctors, hospitals, pathology labs, pharmacies, etc, are free to join, and patients are then free to choose whose service they want to avail.
Since electronic health records are not always portable, standards will be laid down to ensure this, and a health data consent manager will ensure consent is taken and privacy maintained.
OHSN objectives ,

To establish baseline standards of care.

And to provide auditable and transparent processes governing the transfer of data and payments.

If these two objectives are met, the healthcare ecosystem as a whole can be made more accessible, secure, and efficient for both users and service providers.