Page 4 - Public Tech Platform News Today

The Reserve Bank of India is looking to expand the use of central bank digital currency or e-rupee for a broader range of wholesale transactions, according to official sources. The central bank introduced the wholesale pilot for CBDC transactions last year, limited to government bond auctions. In July, ET reported that RBI had carried out initial trials of digital currency in the interbank call money market.

The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. RBI is now planning to go into the interbank borrowing market.

PTPFC aims to connect borrowers and lenders and make credit or loans more accessible to millions of individuals looking for small loans. This platform will help in seamless disbursal of non-collateral based loans for MSMEs, Kisan Credit Card loans up to ₹1.6 lakh

RBI Governor said the RBI is slowly and steadily expanding the CBDC pilots to more banks, cities, people and use cases.

In this weekly post, we round-up FinTech-related financial services regulatory developments for the week ending 18 August 2023. ICYMI Biden…

The bank has also launched two lending products i.e., Kisan Credit Cards and MSME loans to propel growth.

During the initial pilot phase, the platform will emphasise various financial products including Kisan Credit Card loans up to Rs 1.6 lakh per borrower, Dairy Loans, unsecured MSME loans, personal loans, and home loans, all facilitated through participating banks

The Public Tech Platform for frictionless credit is an end-to-end digital platform that has been developed by the Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank. The platform will also have an open architecture, open Application Programming Interfaces (APIs), and standards, to which all financial sector players can connect in a ‘plug and play model. During the pilot program, the platform will focus on products such as Kisan Credit Card loans, dairy Loans, MSME l...

The platform would help would enable the delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders.

The pilot will include credit card loans, dairy loans, loans to micro, small and medium-sized enterprises without collateral, and personal and home loans.