, etc. farmers can apply for new kcc loans as well as kcc loan renewal, directly from their location or from anywhere on smartphones / tablets directly or through assisted mode. the kcc pilot has been subsequently extended to select districts of uttar pradesh, karnataka and maharashtra. a total of seven banks are now part of digital kcc pilot. the pilot has also been extended to dairy farmers in gujarat. the eligibility and scale of finance for such diary loans is instantly decided based on milk pouring data available with the milk cooperatives. 21. we are now moving beyond digital kcc loans. let me elaborate. currently, data required for credit appraisal exists in separate systems of different entities like central and state governments, technology and fintech companies, banks, service providers like credit information companies, digital identity authorities, etc. accessing customer data available with multiple data sources is a challenge for banks as it would require multiple integrations with each information provider. it is a challenge for the borrower also. to enable frictionless credit, in august 2023 rbi announced the launch of a digital public tech platform, conceptualised and developed in association with the rbih. the platform enables seamless flow of digital information from all the above sources to lenders, obviating the need for multiple integrations. 22. the pilot project on the platform was launched on august 17, 2023. to begin with, the platform will focus on products like msme loans ( without collateral ), personal loans and home loans. based on the learnings, the scope and coverage would be expanded to include more products, information providers and lenders during the pilot. e. customer centricity, governance and self - regulation 23. i would now like to touch upon certain key issues which are critical for the fintech ecosystem to be stable and future ready. in this context, three critical issues, viz., customer centricity, governance, and selfregulation merit attention. in the dynamic and ever - evolving world of business, it is easy to get caught up in the pursuit of revenue, bottom lines and the relentless drive for valuations. sometimes, it is forgotten that the success of any enterprise is intricately tied to the satisfaction and trust of its customers. this is the first critical issue i wish to highlight. we must remember what steve jobs once said, “ you have got to start with the customer experience and work backward to the technology ” 16. worldwide developers conference, 1997 ( steve

perhaps need to be limited to authorities from two or three countries each, rather than wider groups. and selectivity, flexibility and pragmatism would be absolutely key. i am not advocating, for example, that we form a group for every firm that includes all authorities in every jurisdiction where that firm has a presence. instead, that we use a risk - based approach to concentrate on those authorities with a mutual interest, identify the specific firms and capital markets that that mutual interest might cover, and bring together those relevant authorities to discuss those firms and the capital markets they interact in. indeed, some countries ’ authorities have already met bilaterally or in small groups to discuss crisis management topics of particular mutual interest. there are a number of practical aspects of crisis management that these interest groups could enhance. first, co - ordination in a crisis. this, alongside information - sharing, is the area that has received most generic attention at the cross - border level. our challenge is to embed processes that will be relevant for crises into our everyday interactions : co - ordination is likely to be much easier amongst colleagues who are already familiar with each other and with each other ’ s views and approach, than with someone who is simply a name on a contact list. this is one positive feature of discussing these issues, just as some of the value of mous lies in the process of negotiation and the relationships that fosters. second : information - sharing in a crisis. interest groups would be a good forum to discuss in advance what information it might be appropriate to share on specific firms, and to ensure that it would in practice be readily available. and in doing so, we will better understand the information and therefore be able to assess it more quickly and more confidently in - crisis. third : in - crisis systemic impact assessment. a key first step in deciding how to handle a crisis is in understanding the likely cost of not intervening in it – the likely systemic impact of it. the impact of a particular problem or failure of a particular firm will of course depend on the characteristics of that specific problem – and importantly on the resilience of the financial system, and the interlinkages amongst different elements of it at the time. however, there are common channels through which shocks propagate. and some of those channels will be more relevant for particular firms than others. the important aspect of developing this work is in providing a common vocabulary in which policymakers can discuss the possible impact of a problem. this may also help to