RBI to develop scope of public tech credit score platform

The RBI is within the strategy of increasing the scope and protection of the general public tech platform for frictionless credit score to incorporate extra merchandise, information suppliers and lenders, based mostly on learnings and suggestions obtained from stakeholders.

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The platform at present permits linkage with 31 totally different information companies. As of March 2024, it has 5 mortgage journeys – KCC loans as much as ₹1.6 lakh, dairy loans, unsecured MSME loans, private loans and residential loans, with a complete of 12 banks collaborating within the pilot, which commenced on August 17, 2023.

The general public tech platform was developed with the goal of bringing effectivity when it comes to value discount, faster disbursement, and scalability to all segments of mortgage past KCC and dairy loans. The platform is an enterprise-grade open structure IT platform to make sure digital entry to data from numerous information sources.

“The friction within the credit score processing and supply has been addressed by breaking the silo between the information repository by integrating them with the platform and making the identical out there to the lenders as a plug and play service,” the RBI mentioned, including that this has obviated the necessity of cumbersome one-to-one integration of lenders with a number of information suppliers to supply a number of information/ data.