India central bank to launch credit tech platform

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

A pilot project has been launched through the central bank’s subsidiary, the Reserve Bank Innovation Hub. 

According to the RBI, the platform will employ an open architecture and open APIs and standards to develop what the central bank states will be a ‘plug and play model’.

The initiative is designed to give India’s credit market a more digital-based infrastructure and to mitigate the processing friction in the credit market that has resulted from the data needed to make credit assessments being spread across several siloed systems as opposed to one digital database.