Introduction of Innovative Public Tech Platform for Frictionless Credit
The Notification is related to Introduction of Innovative Public Tech Platform for Frictionless Credit.It is essentially saying that based on the recommendation Government has approved system called “Public Tech Platform for Frictionless Credit”. This system is meant for sharing information through a common portal with consent as per the specific sections of CGST Act,2017.
It is High Quality digital paltform designed to make getting credit easier. It is like super advanced online system created by Reserve Bank of India and devloped by its subsidiary. This platform aims to streamline the process of accessing credit related information from different sources digitally.
Instead of dealing with different system, this platform brings together financial institutions and various data providers in to one digital space. It does this by using standardize and protocol driven set up along woth open and shared system for software connections called the Application Programming Interface (API) Framework.
It is like Central HUB where banks, lenders and other financial service providers can quickly and securely access the information they need to make decisions about giving out loans and credits.
