Reserve Bank of India to Launch 'Public Tech Platform' Pilot on August 17 to Provide Information to Lenders 4s59x Technology News

RBI's public tech platform will enable linkable with services, land records, satellite data, and more. 525o35

By Press Trust of India | Updated: 14 August 2023 18:22 IST

Reserve Bank of India to Launch 'Public Tech Platform' Pilot on August 17 to Provide Information to Lenders

Photo Credit: Reuters 3v6d2p

RBI's 'Public Tech Platform' would commence on August 17, 2023

Highlights

The Public Tech Platform would enable delivery of frictionless credit
It will offer seamless flow of required digital information to lenders
The end-to-end digital platform will have an open architecture

ment

The Reserve Bank will launch a pilot project for 'Public Tech Platform' that seeks to facilitate credit through a seamless flow of required digital information to lenders.

During the pilot, the platform would focus on products such as Kisan Credit Card loans of up to Rs 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal loans, and home loans through participating banks, the central bank said in a statement.

The platform would enable linkage with services such as PAN validation, Aadhaar e-g, and house/property search data, among others.

RBI Will Now Allow Offline Payments Up to Rs. 500 via UPI Lite: Details

"Based on the learnings, the scope and coverage would be expanded to include more products, information providers, and lenders during the pilot," the RBI said and added the pilot of the platform would commence on August 17, 2023.

RBI said with rapid progress in digitalisation, India has embraced the concept of digital public infrastructure which encourages banks, NBFCs, FinTech companies, and startups 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, aggregators, banks, credit information companies, and digital identity authorities.

Odisha Police Uncover Rs. 1,000-Crore 'STA Crypto Token' Ponzi Scam: Details

However, they are in separate systems, creating hindrances in the timely delivery of rule-based lending.

"The Public Tech Platform would enable the delivery of frictionless credit by facilitating a 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," the RBI said.

RBI Is Reportedly Setting CBDC Expansion Targets for Banks: Details

The platform is intended to be rolled out as a pilot project in a calibrated fashion, both in of access to information providers and use cases.

It would bring about efficiency in the lending process in of reduction of costs, quicker disbursement, and scalability.

The platform is being developed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the central bank.

An announcement in this regard was made by RBI Governor Shaktikanta Das while unveiling the bi-monthly monetary policy on August 10.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.