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RBI launches pilot for ‘Public Tech Platform for Frictionless Credit’

Published on August 19, 2023
Current Context: The Public Tech Platform for Frictionless Credit is an initiative by the RBI to ease access to credit by providing digital information to lenders. The platform is designed to facilitate the smooth provision of credit by ensuring the effortless transmission of essential digital data to lenders.
  • The platform will operate with an open structure, inclusive Application Programming Interfaces (APIs), and established standards, enabling all participants in the financial sector to effortlessly integrate through a ‘plug and play’ approach.
  • During the pilot project phase, the platform will focus on products such as Kisan Credit Card loans up to Rs 1.6 lakh per borrower, dairy loans, MSME loans (without collateral), personal loans and home loans through participating banks.
  • The platform will enable linkage with services such as Aadhaar e-KYC, land records from onboarded state governments, Satellite data, PAN Validation, Transliteration, Aadhaar e-signing, account aggregation by account aggregators (AAs), milk pouring data from select dairy co-operatives, house/property search data etc.
  • The centralised web portal UDGAM is another initiative by the RBI to ease searching of unclaimed deposits. UDGAM stands for Unclaimed Deposits/Inoperative Accounts Grievance Management System.
  • It is a web-based portal that enables customers to search for their unclaimed deposits or inoperative accounts across banks in India. Customers can also lodge their grievances related to such deposits or accounts through the portal. The portal was launched on August 17, 2023 by the RBI Governor Shaktikanta Das.

Question:

Q.1 What is the name of the web portal launched by the RBI for unclaimed deposits or inoperative accounts?
a. UDAY
b. UDAN
c. UDGAM
d. UJALA
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