RBI kicks off digital lending pilot project

Mumbai: RBI has started a pilot project for its ‘public tech platform’ that will enable banks to grant loans digitally. Banks and finance companies will be able to tap into prospective borrowers’ data using a single platform from central and state governments, account aggregators, other lenders, credit information companies, and digital identity authorities. “It will bring efficiency in lending in terms of cost reduction, quicker disbursement, and scalability. During the pilot, the platform will focus on products like kisan credit card loans up to Rs. 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal and home loans,” RBI said in a statement.