26% of them faced partial losses to their principal amounts, says lending platform
Self-employed women across India allocate 45% of their investments into savings account and gold, revealed a survey
The Reserve Bank on Thursday proposed to create a public repository of digital lending apps in a bid to address the problems arising from mushrooming unauthorised players in the segment. In another significant move, the central bank proposed to introduce a facility of "Delegated Payments" in UPI to enable an individual to allow another individual to make UPI transactions. In a post-monetary policy review address, RBI Governor Shaktikanta Das said the central bank has taken several measures for the orderly development of the digital lending ecosystem in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through U
Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while dig
Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in financial year 2023-24. According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24. It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations. "The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models," FACE's chief executive Sugandh Saxena said in a statement In the March quarter, companies disbursed 2.69 crore loans worth Rs 40,322 crore at an average ticket size of Rs 13,418. The average ticket size for loans disbursed in FY24 stood at Rs 12,648, as compared to Rs 11,094 in FY23, the data
Members of the Digital Lenders Association of India (DLAI) contributed 7.9 per cent and 19.8 per cent to originations value and volume respectively in FY23, it noted
Lentra integrates AI aims to revolutionise loan disbursement and transform the banking industry with rapid credit decisions, new digital tools
The "expanded RMG support" will be launched in June for developers in India, Mexico, and Brazil, with plans to extend the service to more countries later
The goal of their new venture is to help financial institutions launch new-age products and leverage AI and Digital Public Infrastructure (DPI)
Are the borrowers getting into a debt trap, without understanding the risks? Digital lending is still a grey area
NBFC says in filing it is making efforts to sell nearly 50% of its stressed assets
60% of them are worried about how personal data is collected and used by lending apps
A Bench of Justices Sanjay Kishan Kaul and Sudhanshu Dhulia on Thursday expressed concern over delay in framing guidelines from 2021
The lending poses a risk for incremental nonperforming loans (NPLs). The increase in risk weights by the RBI is a prudent step, it said
Consumer demand for innovation and digital-first brands fuels this trend
Geojit Credits, a non-banking financial company (NBFC), on Monday announced the launch of Loan Against Mutual Fund (LAMF). Under the scheme, the investors can avail loans starting from Rs 10,000 in digital mode. A LAMF allows investors to raise instant funds at attractive interest rates for their short-term liquidity requirements by keeping their mutual fund investments as collateral. "Our newest product, digital Loan Against Mutual Fund will be of great help to investors who can avail loans at competitive rates and not redeem their MF investments, which is part of their long-term wealth creation and investment plan," Bejoy Anthraper, Business Head of Geojit Credits, said. Geojit Credits is a subsidiary of Kochi-based Geojit Financial Services.
They say the rogue apps can come back using some other name or some forged documents