The Central Board of Indirect Taxes and Customs ( CBIC ) issued Notification No. 06/2024 –Central Tax dated February 22, 2024, introducing the “Public Tech Platform for Frictionless Credit.” This platform serves as a mechanism for sharing information through a common portal, with consent, aimed at fostering a better credit ecosystem.
Developed under the guidance of the Reserve Bank of India ( RBI ) and its subsidiary, the Reserve Bank Innovation Hub, this platform represents an important step towards digitising access to information from diverse data sources for financial service providers and data service providers. It operates through an open, enterprise-grade IT platform, supported by a standard, protocol-driven, open, and shared Application Programming Interface ( API ) framework.
The notification, issued in accordance with the powers vested under section 158A of the Central Goods and Services Tax Act, 2017, and section 20 of the Integrated Goods and Services Tax Act, 2017, and with the recommendations of the GST council, established the “Public Tech Platform for Frictionless Credit” as the designated system for information sharing via the common portal, based on consent.
The “Public Tech Platform for Frictionless Credit” is defined as an enterprise-grade open architecture IT platform, envisioned by the RBI in its “Statement on Developmental and Regulatory Policies” dated August 10, 2023.
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