Anand Mahindra praises RBI for its frictionless loan delivery platform
RBI innovation. He was all praises for the RBI's latest pilot project. He took to X, (formerly known as Twitter) to share a demonstration video of RBIs Public Tech Platform for Frictionless Credit (PTPFC) pilot project.
He appreciated the work by the RBI as it will help reduce the time to take loan. PTPFC, is created by the Reserve Bank Innovation Hub -- a wholly-owned subsidiary of the central bank-- aims to connect borrowers and lenders and make credit or loans more accessible to millions of individuals looking for small loans. This platform will help in seamless disbursal of non-collateral based loans for Micro, Small and Medium Enterprises (MSMEs), Kisan Credit Card loans up to ₹1.6 lakh, dairy loans, personal loans, and home loans.
Anand Mahindra who was present at the RBI board meeting in Indore said, “Sometimes, you feel you’ve been privileged to get a front-row seat to a Social & Technological disruption. At the RBI board meeting in Indore last Saturday, we were given a demonstration of the Reserve Bank’s Public Tech Platform for Frictionless Credit (PTPFC) pilot project. This could revolutionise the credit delivery mechanism to rural customers by integrating a plethora of KYC processes & documents and reducing the time taken to grant a loan from days to just a few minutes.
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