The client is a non-deposit taking NBFC (Non-Banking Financial Company) providing working capital loans and business loans to SMEs across India, giving access to capital in a completely online, quick process with minimum documents and no collateral needed.
The client wanted to build an open banking account aggregator platform to disburse the loans in a faster way with ReBIT Account Aggregator open banking specification. The ‘Account Aggregator Ecosystem’ APIs describe the requirements for enabling real-time financial information aggregation functionality as set forth in the Reserve Bank of India (RBI) Master Direction – Non-Banking Financial Company – Account Aggregator (Reserve Bank).
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