The Government of Odisha, through its Finance Department, issued a significant notification on March 4, 2024. This notification pertains to the establishment of a “Public Tech Platform for Frictionless Credit” under the Odisha Goods and Services Tax Act, 2017. Let’s delve into the details of this notification and its implications.
Detailed Analysis:
The notification, issued under section 158A of the Odisha Goods and Services Tax Act, 2017, highlights the adoption of the “Public Tech Platform for Frictionless Credit” as the designated system for information sharing. This platform, defined within the notification, is described as an enterprise-grade open architecture IT platform. It is conceptualized by the Reserve Bank of India and developed by its subsidiary, Reserve Bank Innovation Hub.
The primary objective of this platform is to facilitate the seamless access of information from various digital sources within a standardized framework. It aims to foster collaboration between financial service providers and multiple data service providers through an open and shared Application Programming Interface (API) framework. By leveraging this platform, stakeholders within the credit ecosystem can access relevant data efficiently, thereby streamlining credit operations.
The notification underscores the importance of digitalization in enhancing the accessibility and efficiency of financial services. By embracing innovative solutions such as the “Public Tech Platform for Frictionless Credit,” the Government of Odisha aims to promote financial inclusion and support the growth of the credit ecosystem.
Furthermore, the memorandum accompanying the notification delineates the distribution of copies to relevant departments and authorities for dissemination and implementation. It emphasizes the statutory nature of the notification and outlines the necessary steps for publication in the Odisha Gazette and on the Finance Department’s website.
Conclusion:
In conclusion, the Government of Odisha’s notification regarding the establishment of the “Public Tech Platform for Frictionless Credit” signifies a significant step towards modernizing financial infrastructure and promoting transparency in credit operations. By embracing technological advancements, Odisha aims to foster a conducive environment for financial innovation and inclusive growth. This notification heralds a new era of digital transformation within the state’s financial landscape, laying the groundwork for enhanced efficiency and accessibility in credit services.
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GOVERNMENT OF ODISHA
FINANCE DEPARTMENT
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NOTIFICATION
The 4th March, 2024
S.R.O. No. — In exercise of the powers conferred by section 158A of the Odisha Goods and Services Tax Act, 2017 (Odisha Act 7 of 2017) (hereinafter referred to as the said Act), the State Government, on the recommendations of the Council, hereby notifies “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of section 158A of the said Act.
Explanation.— For the purpose, of this notification, “Public Tech Platform for Frictionless Credit” means an enterprise-grade open architecture information technology platform, conceptualised by the Reserve Bank of India as part of its “Statement on Developmental and Regulatory Policies” dated the 10th August, 2023 and developed by its wholly owned subsidiary, Reserve Bank Innovation Hub, for the operations of a large ecosystem of credit, to ensure access of information from various data sources digitally and where the financial service providers and multiple data service providers converge on the platform using standard and protocol driven architecture, open and shared Application Programming Interface (API) framework.
[No. 5696 FIN-CT1-TAX 0005/2023]
By order of the Governor
Under Secretary to Government
Memo No. 5697 Date: 04.03.2024
Copy forwarded to the Gazette Cell of Commerce & Transport Department, Government of Odisha, Bhubaneswar/ the Deputy Director, Secretariat Press, Bhubaneswar for information and necessary action with a request to publish this notification in an extraordinary– issue of the Odisha Gazette immediately.
Ten copies of the notification may please be supplied to this Department.
This is statutory and will bear SRO Number.
Email- secretariatpressbbsr@gmail.com
deputydirectorpp@rediffmail.com
Under Secretary to Government
Memo No. 5698 Date- 04.03.2024
Copy forwarded to the Commissionerate of CT & GST, Odisha, Cuttack for information and necessary action.
Under Secretary to Government
Memo No. 5699 Date- 04.03.2024
Copy forwarded to Sri Tapan Kumar Pattanaik, Sub-Nodal Officer(E-Gazette), FID, Finance Department for hoisting in the Finance website (https: finance.odisha.gov.in).
Email: tkpattanaik@gmail.com
Under Secretary to Government
