The Reserve Bank of India (RBI) on August 14, 2023, launched the Pilot Project for a Public Tech Platform for Frictionless Credit.
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 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.
The Pilot of the Platform shall commence on August 17, 2023.
Press Release: 2023-2024/750]
