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05/10/23 12:41 PM IST

Bhashini Set To Introduce RBI's Multilingual Frictionless Credit Platform

In News
  • The Digital India Bhashini Division (DIBD) has joined forces with the Reserve Bank Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI).
  • This collaboration, cemented through a memorandum of understanding (MoU) signed at the recent Global Fintech Fest in Mumbai, will look to revolutionise the accessibility of financial services by bridging language divides.
Significance
  • The primary objective of this partnership is to extend the reach of digital financial services by enabling communication in local languages.
  • By breaking down language barriers, the DIBD and RBIH aspire to create seamless banking experiences for all, irrespective of their linguistic backgrounds.
  • The RBI had unveiled an end-to-end digital credit delivery platform, developed by RBIH, designed to streamline and enhance credit delivery by financial institutions.
  • This platform serves as the foundation for the collaborative effort, with a focus on expanding the scope of financial inclusion across the country.
  • Bhashini's language translation and voice-processing capabilities will play a pivotal role in achieving these goals
  • Offering financial services in users' native languages is expected to boost their confidence in digital financial solutions, thus contributing to a more inclusive and accessible financial landscape.
  • This collaboration comes at a crucial juncture when the fintech sector is undergoing transformation in India, driven by increased smartphone penetration and reduced data usage costs.
  • These advancements have improved financial inclusion; however, certain sectors and population segments still find themselves on the fringes of the formal financial sector.
About DBID
  • Digital India Bhashini Division is a Division under Digital India Corporation, section 8 Company under Ministry of Electronics and Information Technology, Govt of India.
  • The vision of Bhashini is to “harness natural language technologies to enable a diverse ecosystem of contributors, partnering entities and citizens for the purpose of transcending language barriers, thereby ensuring digital inclusion and digital empowerment in an Aatma Nirbhar Bharat.
  • To read more, visit www.bhashini.gov.in or mail [email protected]
About RBIH
  • The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is an organisation that works to enable frictionless finance for a billion Indians.
  • RBIH acts as an enabler and facilitator in the ecosystem, bringing together members from financial, technological, and academic institutions to promote and accelerate innovation across the financial sector.
  • With a robust ecosystem that facilitates the exchange of ideas and supports the research and development of prototypes, RBIH aims not only to strengthen the Indian financial system but also to position India at the forefront of global financial innovation.
Source- PIB

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