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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