Mumbai : The Reserve Bank of India (RBI) launched the “Public Tech Platform for Frictionless Credit” which is a MSME-credit-focused platform.
It aims to revolutionize the credit access to MSMEs in the country, reported the news agency Asian News International (ANI).
The platform will streamline and enhance credit delivery by financial institutions and contribute to greater financial inclusion, said the report.
The program, developed under the Reserve Bank Innovation Hub, will provide an end-to-end digital solution designed for easy integration by all banks, offering an open architecture with accessible APIs and standardized protocols, enabling a seamless “Plug and Play” approach.
According to the release, the platform will simplify the process of financing and reduce friction for both lenders and borrowers by consolidating all the necessary information on a single platform.
Hence, the platform will integrate all the central and state governments, Account Aggregators (AA), banks, credit information providers, and digital identity authorities together.
T. Rabi Sankar, Deputy Governor of RBI unveiled the program who who further highlighted its potential to revolutionize credit access for MSMEs.
