NBFCs may soon join technology credit wave on UPI-like innovation

RBI likely to allow access to both legacy, fintech NBFCs

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

Earlier this week, RBI Governor Shaktikanta Das announced that the PTPFC would be rebranded as the Unified Lending Interface. He compared its potential impact on lending to the transformation brought by the Unified Payments Interface in payments across the country.

Developed by the Reserve Bank Innovation Hub (RBiH) — a wholly owned subsidiary of the central bank — the platform aims to facilitate a seamless flow of digital information to lenders. The end-to-end platform will