FB pixel

Indian central bank to pilot open banking platform using Aadhaar KYC

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 an open API that financial service providers can connect to.

The pilot will include credit card loans, dairy loans, loans to micro, small and medium-sized enterprises without collateral, and personal and home loans. To facilitate these, the platform will enable connections to the Aadhaar e-KYC service, Aadhaar e-signatures and various databases.

The phrase “open banking” is not used in the announcement, but the use of an open API and digital identities to facilitate third-party access to financial data is commonly associated with the open banking concept.

The RBI hopes the platform will increase the efficiency of loans applications and approval, reduce costs and improve access to credit.

The platform is being developed by RBI subsidiary Reserve Bank Innovation Hub, and the pilot is scheduled to begin this Thursday, August 17.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Municipal ID programs offer ID to undocumented people, and ICE wants their data

Amid the ongoing collapse of democratic norms in the U.S., it is easy to miss a nightmare scenario unfolding for…

 

Unissey levels-up biometric injection attack detection certification

Unissey’s face biometrics have been certified to substantial-level compliance with the European biometric injection attack detection (IAD) standard. Injection attacks…

 

Hey babe, check out my regulations: porn star, VerifyMy spice up UK Online Safety Act

It’s one thing when Christian moralists lobby for age assurance laws – but another thing entirely when the voices are…

 

Regula launches dedicated biometric morph attack detector

A new face morphing detector has been unveiled by Regula to defend against the significant security threat of passports and…

 

UK regulator fines 23andMe over massive genetic data breach

The U.K. Information Commissioner’s Office (ICO) has fined U.S.-based 23andMe £2.31 million for serious security failures that resulted in a…

 

Tonga reveals MOSIP and VS One World foundations of DPI success

Tonga launched its TongaPass digital ID and digital government portal this month. The government is now ramping up registration as…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

DIGITAL ID for ALL NEWS

Featured Company

ID for ALL FEATURE REPORTS

BIOMETRICS WHITE PAPERS

BIOMETRICS EVENTS

EXPLAINING BIOMETRICS