RBIH looks to tap Rapido, Swiggy, Amul data for UPI-like lending platform, says CEO Rajesh Bansal
Reserve Bank Innovation Hub, or RBIH, has approached several data-rich aggregators including Namma Yatri, Rapido, Swiggy and Zomato along with farmers’ collectives such as Amul for building the ambitious Unified Lending Interface (ULI) platform, its chief executive Rajesh Bansal told ET.
The Reserve Bank of India’s innovation arm is also exploring collaboration with the likes of Google Pay on the insights that can be derived from data sharing on UPI transactions and warehouse deposit receipt data, Bansal said. Discussions are also ongoing with the Open Network on Digital Commerce (ONDC), PM Gati Shakti, Unified Geospatial Interface and E-Vahan, he added.
The ULI platform will enable consent-based transfer of customers’ digitised financial and non-financial data, including land records, from various sources to lenders, accelerating credit appraisals.
ULI has already been integrated with DigiLocker and the Goods and Services Tax Network (GSTN), Bansal said. Seven states – Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Maharashtra, Andhra Pradesh, Tripura and Odisha – have unlocked their land record data for the platform.
“Nano entrepreneur loans of Rs 2-5 lakhs are one of the biggest challenges and we are trying to see what data can be unlocked to facilitate it,” Bansal said.
Entrepreneurship
From Idea to Product: A Startup Development Guide
By — Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience
Strategy
Succession Planning Masterclass
By — Nigel Penny, Global Strategy Advisor: NSP Strategy
