The Reserve Bank of India (RBI) on Monday said it will launch a pilot project on August 17 for a platform that seeks to facilitate credit through seamless flow of digital information to lenders.
The RBI had announced this ‘Public Tech Platform’ last week along with the monetary policy statement.
The banking regulator had then said that with rapid progress in digitalisation, there is a digital public infrastructure in India which encourages fintech companies and start-ups to create and provide innovative solutions in payments, credit and other financial activities.
However, for digital credit delivery, the data required for credit appraisal is available with different entities such as central and state governments, account aggregators, banks, credit information companies and digital identity authorities. They are in separate systems, creating hindrance in timely delivery of rule-based lending.
The RBI had launched a pilot project for digitalisation of Kisan Credit Card (KCC) loans of less than Rs 1.60 lakh in September 2022. A similar pilot is being carried out for dairy loans based on data from Amul in Gujarat.
During the pilot for the public tech platform, the RBI will focus on KCC loans of up to Rs 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal loans, and home loans through participating banks.
