Consider the following statements:1.Public Tech Platform for Frictionless Credit is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a "plug and play" model.2.Under frictionless credit, individuals need to go through extensive paperwork, credit checks and lengthy approval procedures before getting loan.Select the correct statements using the codes given below:

Q. Consider the following statements:
1.Public Tech Platform for Frictionless Credit is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a “plug and play” model.
2.Under frictionless credit, individuals need to go through extensive paperwork, credit checks and lengthy approval procedures before getting loan.
Select the correct statements using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

Explanation –

Statement 1 is correct. Public Tech Platform for Frictionless Credit is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a “plug and play” model.

Statement 2 is incorrect. Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience.

Source: ForumIAS

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