Supreme Court: Belated Jurisdictional Challenge Impermissible After Participation in Arbitration  ||  Supreme Court: Failure to Prove Specific Overt Acts of Each Unlawful Assembly Member Not Fatal  ||  Supreme Court: Parental Salary Alone Cannot Determine OBC Creamy Layer Status  ||  SC: Direct Recruits’ Seniority Begins From Initial Appointment, Not Completion of Probation  ||  Supreme Court: Police Recruitment Can be Denied Only if Acquittal in Heinous Crime Was on Doubt  ||  J&K & Ladakh High Court: Section 479 BNSS Does Not Grant Automatic Bail After Detention Period  ||  Bombay High Court: Trial Vitiated if Forensic Experts Whose Reports are Relied Upon are Not Examined  ||  J&K & Ladakh HC: Mutation Attested in Violation of Agrarian Reforms Act Can be Reviewed in Revision  ||  Gujarat High Court: Power Company Cannot Allege Deceased’s Negligence in Hanging Live Wire Death  ||  Delhi High Court Denies Lifting Stay on Kent RO’s Sale of Fans under the KENT Trademark    

Reserve Bank of India to Launch the Pilot Project for Public Tech Platform for Frictionless Credit- (Reserve Bank of India) (14 Aug 2023)

MANU/RPRL/0468/2023

Banking

1. As part of the Statement on Developmental and Regulatory Policies released on August 10, 2023, Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit. The Platform is being developed by Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.

2. With rapid progress in digitalization, India has embraced the concept of digital public infrastructure which encourages banks, NBFCs, FinTech companies and start-ups to create and provide innovative solutions in payments, credit, and other financial activities. For digital credit delivery, the data required for credit appraisal are available with different entities like Central and State governments, account aggregators, banks, credit information companies, digital identity authorities, etc. However, they are in separate systems, creating hindrance in frictionless and timely delivery of rule-based lending.

3. The Public Tech Platform would enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders. The end-to-end digital platform will have an open architecture, open Application Programming Interfaces (APIs) and standards, to which all financial sector players can connect seamlessly in a 'plug and play' model.

4. The Platform is intended to be rolled out as a pilot project in a calibrated fashion, both in terms of access to information providers and use cases. It shall bring about efficiency in the lending process in terms of reduction of costs, quicker disbursement, and scalability.

5. During the pilot, the platform shall focus on products such as Kisan Credit Card loans up to ₹1.6 lakh per borrower, Dairy Loans, MSME loans (without collateral), Personal loans and Home loans through participating banks. The platform shall enable linkage with services such as Aadhaar e-KYC, land records from onboarded State Governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), Satellite data, PAN Validation, Transliteration, Aadhaar e-signing, account aggregation by Account Aggregators (AAs), milk pouring data from select dairy co-operatives, house/property search data etc. Based on the learnings, the scope and coverage would be expanded to include more products, information providers and lenders during the pilot.

6. The Pilot of the Platform shall commence on August 17, 2023.

Tags : PILOT PROJECT   FRICTIONLESS CREDIT   PUBLIC TECH PLATFORM  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved