Open credit enablement network

IN NEWS:

• Nandan Nilekani recently said that a new technology in the making called ‘open credit enablement network (OCEN)’ would democratise lending.

About OCEN:

• OCEN is a common language for lenders, marketplaces to utilize and create innovative, financial credit products at scale.
• (OCEN) enables to connect lenders to marketplaces and thereby to borrowers through a technology system.
• It will be similar to the UPI platform used for Payments and will reduce the cost of lending.
• It could thus increase lending to micro enterprises and street vendors by reducing the cost.
• Some of the top lenders in the country like State Bank of India (SBI), HDFC Bank, ICICI Bank, IDFC First Bank and Axis Bank would soon be in a state of readiness to usher in OCEN.

PRELIMS QUESTION

Consider the following statements regarding ‘open credit enablement network (OCEN)’:
1.It is a technology currently used by NABARD for lending to Commercial Banks.
2.It was developed by National Informatics Centre. (NIC).
Which of the statements given above is/are correct?
(a)1 only
(b)2 only
(c)Both 1 and 2 
(d)Neither 1 nor 2

Answer to prelims question