Anand Mahindra was all praises for the Reserve Bank of India'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, created by the Reserve Bank Innovation Hub, aims to connect borrowers and lenders and make credit or loans more accessible to individuals looking to loan a small amount. This platform will help disburse Kisan Credit Card Loans up to Rs 1.6 lakh, non-collateral based loans for MSMEs, home loans, dairy loans and personal loans.
Anand Mahindra who was present at the RBI board meeting in Indore on Saturday 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."
How does RBI's Public Tech Credit Platform work?
The platform 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.