Is RBI Planning a Dedicated Scheme for Gig Workers?

Sources indicate that the Reserve Bank of India may be working on a targeted framework to expand financial inclusion for gig and platform-based workers, a segment that has grown rapidly but remains underserved by formal credit systems.

According to people familiar with the discussions, the proposed scheme could focus on easing access to small-ticket loans, introducing flexible repayment structures, and encouraging fintech-led credit assessment models that move beyond traditional income documentation. The central bank is also believed to be examining mechanisms to integrate gig workers into formal financial networks through digital payment trails and platform data.

The move comes amid rising policy attention on social security and financial stability for India’s gig economy, which is projected to employ over 20 million workers in the coming years. Existing challenges include irregular income streams, lack of collateral, and limited credit histories.

While details are still evolving, the initiative could involve collaboration with banks, NBFCs, and digital lending platforms, potentially backed by regulatory incentives or risk-sharing mechanisms.

An official announcement, if finalized, is expected in the coming policy cycles.