Anand Mahindra is one of the famed entrepreneur of the country who is often seen sharing his learnings on business and finance via Twitter. In his recent post on the microblogging site, the Chairman of Mahindra Group shared his views on one RBI innovation.
He was all praises for the RBI’s latest pilot project. He took to X, (formerly known as Twitter) to share a demonstration video of RBIs Public Tech Platform for Frictionless Credit (PTPFC) pilot project. He appreciated the work by the RBI as it will help reduce the time to take loan.
PTPFC, is created by the Reserve Bank Innovation Hub — a wholly-owned subsidiary of the central bank– aims to connect borrowers and lenders and make credit or loans more accessible to millions of individuals looking for small loans. This platform will help in seamless disbursal of non-collateral based loans for Micro, Small and Medium Enterprises (MSMEs), Kisan Credit Card loans up to ₹1.6 lakh, dairy loans, personal loans, and home loans.
Anand Mahindra who was present at the RBI board meeting in Indore said, “Sometimes, you feel you’ve been privileged to get a front-row seat to a Social & Technological disruption. At the RBI board meeting in Indore last Saturday, we were given a demonstration of the Reserve Bank’s Public Tech Platform for Frictionless Credit (PTPFC) pilot project. This could revolutionise the credit delivery mechanism to rural customers by integrating a plethora of KYC processes & documents and reducing the time taken to grant a loan from days to just a few minutes. Most importantly, it’s an open platform, accessible to all Banks that want to use it…. India taking the digital pole position again… Bravo, RBI.”
The platform has been designed to have open application programming interface (API) standards that allows digital identity authorities like central and state government entities, credit information companies and banks to share information that allows the stakeholders in the lending process to collate data faster. With faster collation of data processing loan requests will also become quicker. The machine while reducing manual work will also help decrease cost and at the same time increase transparency, scalability and efficiency.
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Updated: 04 Sep 2023, 06:18 PM IST
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