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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 loans (without collateral), personal loans, and home loans through participating banks.

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.