RBI unveils pilot project to smoothen credit processes

The Reserve Bank of India (RBI) has made public its initiation of a Pilot Project via the Reserve Bank Innovation Hub (RBIH). This project involves a Public Tech Platform aimed at facilitating smooth credit transactions.

RBI

Image Credit: PIB

The Reserve Bank of India (RBI) has announced the launch of a Pilot Project for a Public Tech Platform designed to enable smooth credit processes. This initiative is undertaken by the Reserve Bank Innovation Hub (RBIH), which is a wholly-owned subsidiary of the RBI.

The Reserve Bank has stated that the Public Tech Platform will make it possible to provide smooth credit by facilitating a seamless transmission of necessary digital data to lenders.

The pilot project for the Platform is set to be introduced on August 17, 2023, in a carefully phased approach. This will encompass controlled access for information providers and a range of use cases.

“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 RBI lending process in terms of reduction of costs, quicker disbursement, and scalability,” according to RBI.

The digital platform will be designed with an open architecture, incorporating open Application Programming Interfaces (APIs) and established standards. This setup will allow all stakeholders in the financial sector to seamlessly connect using a ‘plug-and-play approach.

Throughout the pilot phase, the platform’s primary attention will be on offerings like Kisan Credit Card loans up to ₹1.6 lakh per individual, Dairy Loans, unsecured MSME loans, Personal loans, and Home loans, all facilitated through collaborating banks.

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