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RBI launches innovative public tech platform for effortless credit
August 18, 2023
The Reserve Bank of India (RBI) is set to initiate a pilot project on August 17th for a public technology platform aimed at facilitating seamless credit transactions. This endeavour will be carried out through the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The primary objective of this platform is to enable effortless credit transactions by streamlining the digital information flow required by lenders.
How will the platform operate, you ask. The comprehensive digital platform will adopt an open architecture, incorporating open Application Programming Interfaces (APIs) and standards. This framework will allow all participants within the financial sector to effortlessly connect, following a \’plug and play\’ model as described by the RBI. During the initial pilot phase, the platform will emphasise various financial products including Kisan Credit Card loans up to ₹1.6 lakh per borrower, Dairy Loans, unsecured MSME loans, personal loans, and home loans, all facilitated through participating banks.
The platform will also facilitate integration with essential services such as Aadhaar e-KYC, land records provided by select State Governments (including 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 specific dairy co-operatives, house/property search data, and more, as highlighted by the central bank.
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- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
