The Reserve Bank of India (RBI) is planning to develop a public technology platform for credit transactions.
A pilot project has been launched through the central bank's subsidiary, the Reserve Bank Innovation Hub.
According to the RBI, the platform will employ an open architecture and open APIs and standards to develop what the central bank states will be a 'plug and play model'.
The initiative is designed to give India's credit market a more digital-based infrastructure and to mitigate the processing friction in the credit market that has resulted from the data needed to make credit assessments being spread across several siloed systems as opposed to one digital database.