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According to the RBI, with rapid progress in digitalisation, India has embraced the concept of digital public infrastructure which encourages banks, NBFCs, fintechs and startups to create and provide innovative solutions in payments, credit, and other financial activities.

The Reserve Bank will launch a pilot project for Public Tech Platform that seeks to facilitate credit through seamless flow of required digital information to lenders. During the pilot, the platform would focus on products such as Kisan Credit Card loans of up to Rs 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal loans and home loans through participating banks, the central bank said in a statement.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

The platform would enable linkage with services such as Aadhaar e-KYC, land records from onboarded state governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data, PAN validation, Aadhaar e-signing and house/property search data, among others.

The pilot of the platform will commence on August 17. During the pilot phase it will focus on Kisan Credit Card loans up to Rs 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal loans and home loans

The platform would enable linkage with services such as Aadhaar e-KYC, land records from onboarded state governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data, PAN validation, Aadhaar e-signing and house/property search data, among others.

Home Loan: Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI.

RBI governor Shaktikanta Das said the monetary policy committee had decided to keep the repo rate steady at 6.5 per cent.

The Reserve Bank of India is developing an innovative digital platform that will enable the smooth transmission of crucial digital data to lenders, facilitating effortless credit provision. The platform will have an open structure with APIs and standards allowing all participants in the financial sector to connect effortlessly via a plug and play model. The platform will be introduced as a pilot project with a measured approach regarding access to information providers and use cases.

Unveiling the bi-monthly monetary policy, RBI Governor said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI