The Reserve Bank of India (RBI) is set to develop a public technology platform aimed at enhancing credit transactions.
A pilot project has been initiated through the Reserve Bank Innovation Hub, a subsidiary of the central bank.
The platform will utilize an open architecture along with open APIs and standards, creating what the RBI describes as a ‘plug and play model’. This initiative seeks to improve the digital infrastructure of India’s credit market and reduce the processing friction that arises from the fragmented nature of data necessary for credit assessments, which is currently dispersed across multiple siloed systems rather than being consolidated in a single digital database.