Indian central bank to pilot open banking platform using Aadhaar KYC

India’s central bank is planning a pilot program for a digital platform intended to extend the country’s digital public infrastructure and digital identity system to loans for easier credit applications.

The Public Tech Platform for Frictionless Credit proposed by the Reserve Bank of India (RBI) will bring together data required for credit appraisals, but held by different government bodies, account aggregators, banks, credit information companies and digital identity authorities, according to a bank announcement. This will enable rule-based lending through …

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