GST Network Authorized to Share Data for Faster Credit Access via RBI's Tech Platform

New Delhi: The government has allowed the GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank of India’s (RBI's) ‘Public Tech Platform for Frictionless Credit. The move is expected to help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information.

The Central Board of Indirect Taxes and Customs (CBIC) in a notification said that the Central government, on the recommendation of the Council, notifies 'Public Tech Platform for Frictionless Credit' as the system with which information may be shared by the common portal based on consent. “However, the financial service providers and multiple data service providers can converge on the platform using standard and protocol driven architecture,” it said.

The platform, created by the RBI subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit. The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally.