Anand Mahindra praises RBI for for its latest pilot project.

Anand Mahindra praises RBI for
for its latest pilot project.

Needless to mention that Anand Mahindra, Chairman, Mahindra
Group is rated as one of the famed entrepreneurs of the country and often shares his learnings on business and finance via Twitter. In his recent post on the microblogging site, Anand Mahindra Group shared his views on one RBI innovation.

He heaped praises on RBI for its latest pilot project. Taking to his X, (fTwitter) he shared a demonstration video of RBIs Public Tech Platform for Frictionless Credit (PTPFC) pilot project. He lauded RBI for the work 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– that 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, present at the RBI board meeting in Indore said that sometimes, you feel you’ve been privileged to get a front-row seat to a Social & Technological disruption.

Last Saturday at the RBI board meeting in Indore, they were given a demonstration of the Reserve Bank’s Public Tech Platform for Frictionless Credit (PTPFC) pilot project. It is learnt that this will revolutionise the credit delivery mechanism to rural customers by integrating a plethora of KYC processes & documents and reduce the time taken to grant a loan from days to just a few minutes. Most importantly, it’s an open platform and 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.

News Edit K.V.Raman