RBI to expand scope of public tech credit platform
The RBI is in the process of expanding the scope and coverage of the public tech platform for frictionless credit to include more products, data providers and lenders, based on learnings and feedback received from stakeholders.
The platform currently enables linkage with 31 different data services. As of March 2024, it has five loan journeys – KCC loans up to ₹1.6 lakh, dairy loans, unsecured MSME loans, personal loans and home loans, with a total of 12 banks participating in the pilot, which commenced on August 17, 2023.
The public tech platform was developed with the objective of bringing efficiency in terms of cost reduction, quicker disbursement, and scalability to all segments of loan beyond KCC and dairy loans. The platform is an enterprise-grade open architecture IT platform to ensure digital access to information from various data sources.
“The friction in the credit processing and delivery has been addressed by breaking the silo between the data repository by integrating them with the platform and making the same available to the lenders as a plug and play service,” the RBI said, adding that this has obviated the need of cumbersome one-to-one integration of lenders with multiple data providers to source multiple data/ information.