RBI to develop, test tech platform for 'friction-less' credit delivery

The idea of a platform is based on the learnings from the digital kisan credit card (KCC) loans pilot program

The Reserve Bank of India (RBI) and the Reserve Bank Innovation Hub (RBIH) will develop a pilot tech platform for frictionless credit delivery, governor Shaktikanta Das said on August 10.

“The Reserve Bank, in association with the Reserve Bank Innovation Hub (RBIH) will be developing a public tech platform for frictionless credit delivery,” Das said while sharing the outcome of the bi-monthly monetary policy committee meeting.

Also read: Why a sharp spike in KCC loans is a ticking timebomb for Indian banks

The idea of a platform is based on the learnings from the digital Kisan Credit Card (KCC) pilot, Das said.

MPC on repo rate

The MPC has also decided to remain focused on withdrawal of accommodation with preparedness to act should situation so warrant.

The monetary policy committee (MPC) has on August 10 unanimously voted to leave the repo rate unchanged at 6.5 percent, RBI Governor Shaktikanta Das announced today.

The Standing Deposit Facility rate also retained at 6.25 percent; and Marginal Standing Facility rate, Bank Rate also retained at 6.75 percent.

Also read: Repo rate unchanged, inflation forecast raised to 5.4%

The MPC has also decided to remain focused on withdrawal of accommodation with preparedness to act should situation so warrant.

The RBI held interest rates unchanged for the third successive time in the current financial year.