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Rajesh Bansal, CEO of RBI’s Innovation Hub, said the central bank will showcase how it uses the PTFC platform to provide frictionless credit to farmers. “This aims to cut down the time for giving small-time credit (loans) to farmers from the existing 4-6 weeks to just a few minutes. The platform fetches land records and dairy data of farmers after they authenticate their identity through Aadhar.”

The Reserve Bank of India has taken the opportunity to set up a pavilion at the ongoing G20 Summit, showcasing its endeavours towards building a digital economy. The pavilion is broadly focussed on four themes – Central Bank Digital Currency (CBDC), Innovation Hub (for seamless credit), Digital Payments (showcasing UPI and Bharat Bill Pay) and Contactless payments.

Governor Shaktikanta Das on Wednesday said the Reserve Bank is mulling handing over the newly-launched frictionless credit platform to a private company as it did with the National Payments Corporation of India (NPCI). Under the frictionless platform initiative, banks are extending loans like the Kisan credit cards in under 10 minutes.  

The central bank’s public tech platform for frictionless credit will be akin to the “UPI moment” for lending in India, ushering in a new era of efficiency in disbursing loans in rural areas, executive director Ajay Choudhary said.

PIEDS, BITS Pilani announces the launch of FinXcelerator, a nationwide initiative to accelerate fintech startups, in partnership with the Reserve Bank Innovation Hub (RBIH) and ICICI Bank. This collaboration marks a significant step to promote innovation and create an inclusive environment for startups in the financial sector. The Reserve Bank Innovation Hub (RBIH), a wholly-owned