RBI mulls handing over frictionless credit platform to private company

Governor Shaktikanta Das on Wednesday said the Reserve Bank is mulling handing over the newly-launched frictionless credit platform to a private company as it did with the National Payments Corporation of India (NPCI).

Under the frictionless platform initiative, banks are extending loans like the Kisan credit cards in under 10 minutes.

Speaking at the Global Fintech Fest, Das said the Reserve Bank of India (RBI) led the initiative and is involved on a day-to-day basis with it as that requires multi-agency coordination like accessing land records from states’ revenue departments and satellite data.