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The Reserve Bank of India (RBI) will exhibit a number of cutting-edge financial innovations at the G20 Summit that have the potential to fundamentally change the financial environment. The RBI pavilion at the summit is home to five unique displays, each of which emphasizes a different facet of Indian financial innovation. One of the highlights of the show is the Public Tech Platform (PTP) for Frictionless lending, a breakthrough created to alter rural financing.
New Delhi According to two senior officials on Tuesday, India will demonstrate its fintech prowess at the G20 Summit, including the ability to approve bank credits to farmers and small businesses in minutes, develop affordable global payment solutions to compete with MasterCard and Visa and develop applications that let non-residents pay their utility bills from abroad.
The central bank digital currency (CBDC), UPI One World, RuPay On-The-Go, and Bharat bill payment system (BBPS) are the five such products that the Reserve Bank of India (RBI) would present at the Summit, according to one of them.
The RBI, he continued, would conduct live demonstrations of these services, and a few of the pilot’s participating banks will use live digital rupee transactions to promote India’s digital currency.
UPI is one of India’s major triumphs, and numerous nations are already eager to either have the technology or to connect it with their digital currencies, according to the authorities. “The UPI One World will onboard the visitors to the system without having a bank account in India and they will benefit in the process to have a first-hand experience of breezing payments through UPI,” the official stated above.
He added that the RuPay On-The-Go, another fintech solution, demonstrates the adaptability of domestic card scheme linked items on par with such international products by enabling clients to conduct contactless transactions using digital accessories such as watches and keyrings.
Additionally, RBI will highlight BBPS as a choice for international bill payments. He stated that it can be used by non-resident Indians (NRIs) to send various kinds of payments to Indian utilities from outside.
A second official emphasized the significance of these fintech solutions and cited the RBI’s pilot project, which provided loans to farmers and the dairy industry in under 15-20 minutes, as an illustration of the PTP’s frictionless credit system.
While Kisan Credit Cards (KCC) provide a revolving credit facility to farmers, manual processing of such loan applications takes 2-4 weeks, is laborious, and incurs operational costs. He claimed that thanks to digital technology, KCC loans up to 1.6 lakh per farmer are now instantly available without the need for collateral.
He continued by saying that the pilot program was successfully operating in a few regions of Madhya Pradesh and Maharashtra that used a state-created digital land records database to assess creditworthiness. Farmers can now use their cellphones or tablets at any time to apply for new KCC loans as well as KCC renewal, he said. In Gujarat, a similar digital pilot program was started that gave dairy farmers credit based on the data from their milking operations.
According to the degree of digitization of essential data, “RBI plans to extend this facility in all areas”—loans to micro, small and medium enterprises (MSMEs), personal loans, school loans, and so on.
The first official stated that an experience center would be made available for the delegates and visitors to see an interactive demonstration of the entire process, from onboarding to sanction and disbursement of the KCC and dairy loans in an entirely digital manner in a matter of minutes, revolutionizing rural credit.