Reserve Bank Innovation Hub (RBIH)

In News

 The Reserve Bank of India (RBI) has announced the development of a Public Tech
Platform for ‘frictionless credit’ by the Reserve Bank Innovation Hub
(RBIH).

About Reserve Bank Innovation Hub (RBIH)

 It is a wholly owned subsidiary of the Reserve Bank of India (RBI) set-up to

promote and facilitate an environment that accelerates innovation across the
financial sector.
 RBIH will provide the platform to anchor a shared vision among all financial
ecosystem stakeholders and aid them in crafting forward-looking innovation
strategies while addressing the most pressing issues in the Indian financial sector.
 It will identify challenges in the Indian financial system by building applied
research and extensive stakeholder consultation.

Frictionless Credit

 Currently, data needed for credit appraisal are available with different entities such
as central and State governments, banks, credit information companies, etc.
 This has created hindrance in the frictionless delivery of loans.
 The Public Tech Platform would enable delivery of frictionless credit by facilitating
seamless flow of required digital information to lenders.
 The platform would be rolled out as a pilot project in August 2023 in a calibrated
fashion and it would bring about efficiency in the lending process,.