The RBI is currently piloting an application for 'frictionless credit' and it will be launched nationwide soon; it will become the UPI on the credit side, RBI governor Shaktikanta Das said.
The new technology is aimed at reducing the time taken for appraisal, especially for smaller borrowers and those in rural areas, he added.
"The Reserve Bank had last year started a tech platform for enabling frictionless credit.
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