Public sector banks to collaborate with fintech players to facilitate loan disbursals

Public sector banks will establish a unified cloud-based digital platform to collaborate with fintech players to facilitate loan disbursals on a revenue-sharing basis.

According to sources, the move will allow banks to leverage the extensive resource base of fintech firms. The state-run banks intend to save money by not having to build technologies or infrastructure from scratch. The project, led by PSB Alliance, is in the final stages of identifying a technology partner to develop and manage the proposed platform. The unified cloud-based digital platform will later be integrated with public sector banks’ core banking systems for loan disbursement.