Live
- NDMC Vice Chairman hits out at AAP's registration drive; labels it 'election gimmick'
- No place for Stokes as Root returns to England’s squad for India ODIs and Champions Trophy
- Kuwait bestows its highest honour 'The Order of Mubarak Al Kabeer' to PM Modi
- Kia to launch compact SUV 'Syros' in India next year
- Completely disagree: Swami Rambhadracharya on Mohan Bhagwat's 'Hindu leaders' remarks
- ISL 2024-25: NorthEast United aim to regain form against struggling Hyderabad
- CII seeks priority sector lending for new and emerging sectors
- Russia's missing An-2 plane found, all aboard alive
- GST recommendations to create business-friendly environment, ensure fairness: Experts
- Army pays tribute to first informant of 1999 Kargil intrusion Tashi Namgyal
New platform for end-to-end frictionless credit delivery on the anvil: RBI
RBI Governor Shaktikanta Das(File Photo)
In an effort to deliver end-to-end frictionless credit on digital mode to underserved regions, the Reserve Bank Innovation Hub (RBIH) is developing a Public Tech Platform, said Reserve Bank of India's (RBI) Governor Shaktikanta Das.
Chennai: In an effort to deliver end-to-end frictionless credit on digital mode to underserved regions, the Reserve Bank Innovation Hub (RBIH) is developing a Public Tech Platform, said Reserve Bank of India's (RBI) Governor Shaktikanta Das.
Announcing the decisions of the RBI’s Monetary Policy Committee (MPC) on Thursday, Das said the new platform will be rolled out in a calibrated manner.
He said the central bank along with RBIH started a pilot project in September 2022 for frictionless credit delivery through end-to-end digital processes, starting with Kisan Credit Card (KCC) loans.
The pilot for KCC loans is currently operational in select districts of Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh and Maharashtra.
“Recently, dairy loans have been included in the pilot project in select districts of Gujarat,” Das added.
According to him, based on the learnings from the pilots and to expand the scope of end-to-end digital lending processes, a Public Tech Platform for frictionless credit delivery is being developed by the RBIH.
“The platform is intended to be rolled out as a pilot project in a calibrated manner. It will have an open architecture and open Application Programming Interface (API) and Standards, to which all financial sector players can connect seamlessly. This initiative will accelerate the penetration of credit to hitherto underserved regions and further deepen financial inclusion,” Das said.
