The Reserve Bank of India (RBI) is launching a pilot project on August 17th through the Reserve Bank Innovation Hub (RBIH), its subsidiary, to introduce a public technology platform aimed at facilitating seamless credit transactions. This platform aims to streamline digital information flow for lenders, making credit access more convenient.
The platform will operate with an open architecture, incorporating open APIs and standards, enabling easy connectivity for all financial sector participants. During the initial pilot phase, the platform will focus on various financial products like Kisan Credit Card loans, Dairy Loans, unsecured MSME loans, personal loans, and home loans, all facilitated through participating banks.
The platform will integrate with essential services such as Aadhaar e-KYC, land records from select State Governments, Satellite data, PAN Validation, Transliteration, Aadhaar e-signing, account aggregation by Account Aggregators, milk pouring data from specific dairy co-operatives, and more, as highlighted by the central bank.
This initiative aims to address the lack of comprehensive digital infrastructure in India, which has led to fragmented data for credit assessment. The platform aims to provide necessary digital information to lenders for frictionless finance, lowering costs, improving distribution speed, and promoting collaboration among various players in the financial sector.
By FCCT Editorial Team
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