The Reserve Bank of India (RBI) may grant nonbanking financial companies (NBFCs) access to the Unified Lending Interface (ULI), the UPIlike platform for lending, which was announced by RBI Governor Shaktikanta Das last week.
Das said that public tech platform for frictionless credit (PTPFC), which the central bank was working on, would be rebranded ULI. He compared its potential impact on lending to the transformation brought by the Unified Payments Interface (UPI) in payments across the country.
Developed by the Reserve Bank Innovation Hub (RBiH). a wholly owned subsidiary of the central bank - the platform aims to facilitate a seamless flow of digital information to lenders. The end-to-end platform will feature an open architecture, allowing regulated entities to connect through a 'plug-and-play' model.
Industry sources have indicated that the RBI is considering expanding PTPFC participation to include both legacy and fintech NBFCs.
The PTPFC is designed to knit data from various sources - including central and state governments, account aggregators, banks, credit information companies, and digital identity authorities to eliminate barriers to frictionless and timely credit delivery.
Launched in 2023, the PTPFC pilot focused on products such as fully digital Kisan Credit Card (KCC) loans of up to 1.6 lakh per borrower, as well as financial support for dairy, small businesses, vehicle and tractor purchases, digital gold, and home purchases through participating banks.
PLUG & PLAY
* Developed by the Reserve Bank Innovation Hub a wholly owned subsidiary of the central bank - the public tech platform for frictionless credit (PTPFC) will enable a seamless flow of digital information to lenders
* The end-to-end platform will feature an open architecture, allowing regulated entities to connect through a 'plug-andplay' model
* PTPFC will integrate data from central and state governments, account aggregators, banks, credit information companies, and digital identity authorities
* It aims to eliminate barriers to frictionless and timely credit delivery
The platform stitched together Aadhaar eKYC (know-your-customer), land records from participating state governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data, permanent account nu...
Das said that public tech platform for frictionless credit (PTPFC), which the central bank was working on, would be rebranded ULI. He compared its potential impact on lending to the transformation brought by the Unified Payments Interface (UPI) in payments across the country.
Developed by the Reserve Bank Innovation Hub (RBiH). a wholly owned subsidiary of the central bank - the platform aims to facilitate a seamless flow of digital information to lenders. The end-to-end platform will feature an open architecture, allowing regulated entities to connect through a 'plug-and-play' model.
Industry sources have indicated that the RBI is considering expanding PTPFC participation to include both legacy and fintech NBFCs.
The PTPFC is designed to knit data from various sources - including central and state governments, account aggregators, banks, credit information companies, and digital identity authorities to eliminate barriers to frictionless and timely credit delivery.
Launched in 2023, the PTPFC pilot focused on products such as fully digital Kisan Credit Card (KCC) loans of up to 1.6 lakh per borrower, as well as financial support for dairy, small businesses, vehicle and tractor purchases, digital gold, and home purchases through participating banks.
PLUG & PLAY
* Developed by the Reserve Bank Innovation Hub a wholly owned subsidiary of the central bank - the public tech platform for frictionless credit (PTPFC) will enable a seamless flow of digital information to lenders
* The end-to-end platform will feature an open architecture, allowing regulated entities to connect through a 'plug-andplay' model
* PTPFC will integrate data from central and state governments, account aggregators, banks, credit information companies, and digital identity authorities
* It aims to eliminate barriers to frictionless and timely credit delivery
The platform stitched together Aadhaar eKYC (know-your-customer), land records from participating state governments (Madhya Pradesh, Tamil Nadu, Karnataka, Uttar Pradesh, and Maharashtra), satellite data, permanent account nu...
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Business Standard (Digital) - 1 Issue, September 02, 2024