RBI will distribute loan through online platform, read full news

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The Reserve Bank of India (RBI) will launch its ‘Public Technology Platform’ on a pilot basis on August 17 to facilitate loan disbursement with seamless flow of essential digital information to lenders. RBI said in a statement on Monday that during the pilot project, the banks available on this technology platform will be able to provide Kisan Credit Card loans of Rs 1.6 lakh, loans to milk producers, loans to MSME enterprises without any collateral, personal loans and housing loans. Will be able to Through this platform, the work of electronic KYC through Aadhaar, land records of state governments, validity of PAN, Aadhaar e-signature and housing and property search can be done.

Getting ready public technology platform

RBI said that on August 17, this platform will be started on a pilot basis and based on the experience gained during this period, more products, information providers and lenders will also be brought under the ambit. Reserve Bank Governor Shaktikanta Das said on Thursday that the Reserve Bank Innovation Center (RBIH) is preparing a ‘public technology platform’ to provide accessible loans.

This digital platform is an open structure

The RBI said in a statement, this digital platform will be equipped with an open architecture, open application programming interface (API) and standards, so that all units of the financial sector can be connected seamlessly on the ‘plug and play’ model. API is a software that allows two applications to communicate with each other. The API is an accessible way of receiving and sharing data within a unit and between different units. This initiative will accelerate access to credit in disadvantaged areas and is expected to boost financial inclusion.

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