1. Anil Pinapala, CEO & Founder, FlexPay by Vivifi

The RBI’s initiative to launch the Public Tech Platform for deepening credit penetration is a welcome move and a positive step forward. We are optimistic about its expansion beyond the initial phase and also hope that NBFCs and Fintech firms like ours will get the chance to participate.

The platform is uniting disparate pieces of digital data from across the ecosystem into a cohesive, unified view. By integrating banking, credit, and even corporate and governmental information, it facilitates swift and dependable underwriting which will, in turn, extend credit accessibility to segments of the population that were previously underserved. This aligns well with our government’s vision of establishing a digital public infrastructure, which empowers banks, NBFCs, Fintech enterprises, and Startups to devise and deliver innovative solutions in payment, credit, and other financial domains.

2. Souparno Bagchi, COO, Balancehero India:

“The launch of RBI’s Public Tech Platform for Frictionless Credit is a ground-breaking step with substantial advantages for lenders. This initiative simplifies the integration of vital financial data through open APIs, boosting operational efficiency. Centralizing potential borrowers’ information on a unified platform streamlines processes. With active participation from banks, NBFCs, Fintech firms, and start-ups, this collaborative strategy aligns with our dedication to seamless credit and payment solutions. The ‘plug and play’ model encourages innovation, driving the lending sector toward greater accessibility, cost reduction, and efficiency.

Additionally, in sync with the government’s digital public infrastructure concept, it holds the potential to significantly boost financial inclusion by catering to underserved and unserved segments. This platform mirrors our commitment to innovation and social impact, holding the potential to reshape the lending industry and contribute to a more inclusive financial landscape.”

By Sujata