Research Front

Author(s) :

Sayali Vaibhav Shelar.

Volume/Issue :

Abstract :

As India pursues the "Viksit Bharat 2047" vision, the financial services sector has emerged as a primary catalyst for transitioning into a developed economy. This paper examines the strategic shift toward universal financial inclusion through the lens of digital enablement and interoperable infrastructure. Central to this evolution is the emerging synergy between the Open Network for Digital Commerce (ONDC) and the Account Aggregator (AA) framework. This study explores how this integration addresses long-standing systemic barriers for Micro, Small, and Medium Enterprises (MSMEs) by enhancing data transparency and streamlining credit accessibility. While existing digital public infrastructure—including UPI and Aadhaar-enabled Payment Systems (AePS)—has established a robust foundation for transactional volume, the next phase of maturity requires a shift toward sophisticated risk management and cybersecurity. The research concludes that a proactive alignment with Sustainable Development Goals (SDGs) and regulatory reforms is essential to protect stakeholder interests and ensure that economic prosperity remains inclusive and sustainable. By synthesizing recent policy directions and digital innovations, this paper provides a roadmap for policymakers and market participants to foster a resilient and equitable financial ecosystem.

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