Published Paper Details:

India's economic landscape thrives on the dynamism of its Micro, Small, and Medium Enterprises (MSMEs) and individual entrepreneurs. These entities, often referred to as the "lifeblood" of the economy as they contribute significantly to job creation, innovation, and overall growth. However, their journey toward success faces a significant hurdle of limited access to formal credit. Several factors contribute to this challenge. The traditional credit landscape relies heavily on information asymmetry, where lenders struggle to accurately assess the creditworthiness of borrowers with limited or no formal credit history because of which many MSMEs and individuals, particularly those who are new to the market or are operating outside the formal economy become invisible to potential lenders. Secondly, stringent collateral requirements, which often involves physical assets like land or property, act as a barrier to entry, it effectively excludes those who lack such resources. Furthermore, high operational costs which is associated with processing small loans make them less attractive for lenders, further restricting access to affordable credit. These limitations create a vicious cycle that hinders financial inclusion and stifles the economic potential of a significant portion of the Indian population. Individuals and businesses are unable to access the financial resources they need to start, grow, and contribute effectively to the economic landscape. It is within this context that the Open Credit Enablement Network (OCEN) emerges as a beacon of hope. This is an innovative framework which is aiming to democratize the small credit market it is trying to break down the existing barriers and foster a more inclusive and accessible financial ecosystem. OCEN presents a unique opportunity to empower individuals and businesses, paving the way for economic growth and financial stability for all. This research delves into the potential of OCEN to transform the credit landscape in India. By exploring its functionalities, impact on stakeholders, and potential challenges, this study aims to shed light on how OCEN can empower individuals and businesses, ultimately contributing to a more prosperous and inclusive India.