Rethinking Digital Lending: A Whitepaper on Inclusion of NBFCs in the Credit Line on UPI Infrastructure

2026

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This whitepaper explores the inclusion of NBFCs in the Credit Line on UPI infrastructure, arguing for a calibrated regulatory approach that balances innovation with financial stability and inclusion.

* Analyzes the current regulatory landscape and the exclusion of NBFCs from UPI-linked credit.
* Examines the legal, constitutional, and economic implications of this exclusion.
* Proposes a policy blueprint for a differentiated, risk-based access framework for NBFC participation.

Tags: Digital Lending, NBFCs, UPI, Credit Line, Financial Inclusion

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