RBI may give NBFCs access to public tech credit platform for data flow

PTPFC knits data residing in various entities like governments, account aggregators, banks, credit information companies

The Reserve Bank of India (RBI) may allow non-banking financial companies (NBFCs) access to the public tech platform for frictionless credit (PTPFC).

Developed by the Reserve Bank Innovation Hub (RBIH) – a wholly owned subsidiary of the central bank – it enables seamless flow of digital information to lenders. The platform is to have an open architecture, which regulated entities can connect in a ‘plug-and-play’ model.

Industry sources said the RBI had indicated that it is open to widening PTPFC to NBFC participation: Both legacy and fintechs.