The RBI’s Reserve Bank Innovation Hub launched a Public Tech Platform for seamless credit, centralizing borrower data from banks, NBFCs, Fintech, and startups to boost efficiency. Axis Bank is piloting the platform, leveraging PAN, Aadhaar e-KYC, and Account Aggregator data to offer faster and more secure credit services. NARCL, formed under the ARC-AMC framework introduced in the 2021 Union Budget, faces challenges in transferring loans due to conflicts over pricing and liabilities amidst its establishment as a majority government-owned Asset Reconstruction Company registered with the RBI. Indian banks’ non-performing assets (NPAs) have reached a 10-year low, with the gross NPA ratio falling to 3.9% and net NPA ratio to 1.0% as of March 2023, as reported by the RBI’s financial stability report on June 28, 2023.
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