 "Fintech companies are tapping into traditional forms of banking products such as fixed deposits (FDs) as they expand their financial services bouquet.")
During Q2FY25, digital lending fintechs disbursed three crore individual loans, 20 per cent more than in Q2FY24 and disbursed Rs 36,897 crore, up 18.56 per cent during the same period. The data from the Fintech Association for Consumer Empowerment (FACE) is the first after it received approval to be a self-regulatory organisation from the Reserve Bank of India. The data has been sourced from 34 FACE members lending to customers through their non-banking financial companies (NBFCs) in partnership with other regulated entities (mostly NBFCs).
It may be recalled that RBI had in November 2023, upped the risk weighting on banks' unsecured personal loans and consumer durable loans to 125 per cent from 100 per cent, and on credit cards to 150 per cent from 125 per cent.
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