NBFCs have embraced digital platforms, mobile apps to enhance financial inclusion
3 days, 18 hours ago

NBFCs have embraced digital platforms, mobile apps to enhance financial inclusion

Deccan Chronicle  

In conversation with Ajeet Kumar Singh, Managing Director and Co-Founder, SAVE Solutions Pvt. In the fiscal year 2023-2024, the microfinance loan portfolio in India expanded by 19.5%, reaching ₹3.50 lakh crore as of May 31, 2023, serving 7 crore unique borrowers with 13.2 crore loan accounts. As of March 31, 2024, the microfinance sector served approximately 7.8 crore unique borrowers through 14.9 crore loan accounts, with a total Gross Loan Portfolio of ₹4.33 lakh crore. In 2023, AI-powered technologies reduced loan processing times by 60% in India's digital lending market, allowing NBFCs to serve customers with limited or no formal credit history more efficiently. In 2023, AI-powered technologies reduced loan processing times by 60% in India's digital lending market, highlighting the transformative impact of artificial intelligence in expediting financial services.

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History of this topic

Looking for an online personal loan? Check these 7 simple steps
2 months, 2 weeks ago

Looking for an online personal loan? Check these 7 simple steps

India Today  

In today’s fast-paced world, applying for a personal loan has become a quick and hassle-free process. REQUIRED DOCUMENTS To successfully apply for a personal loan online, you must provide the following key documents: Salary slips: Lenders require salary slips from the past three months to assess your repayment ability and financial stability. APPLICATION PROCESS Applying for a personal loan online …

Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks
4 months, 2 weeks ago

Rising Defaults Among Retail Borrowers are Stressing India’s Top Banks

The Quint  

Given that India’s economic growth relies heavily on domestic consumption, any slowdown in lending could ripple through the broader economy, impacting sectors dependent on consumer spending. Moreover, as banks shift their focus from retail to secured loans to mitigate risks, small and medium enterprises could face reduced access to capital, hindering job creation and slowing down economic expansion. In October, …

Empowering MSMEs through Fintech: The Role of Digital Lending in Financial Inclusion
1 year, 9 months ago

Empowering MSMEs through Fintech: The Role of Digital Lending in Financial Inclusion

Deccan Chronicle  

According to IBEF, since the inception of MSMEs, the sector has played a vital role in creating job opportunities and fostering socioeconomic development, particularly in India's semi-urban and rural areas. Offering Customized Loan Products and Flexibility: Fintech's cutting-edge technology and digital capabilities have enabled digital lending platforms to provide plenty of loan solutions specifically targeted to meet the requirements of …

Open banking is helping revolutionize access to credit
1 year, 10 months ago

Open banking is helping revolutionize access to credit

Live Mint  

Despite India’s micro, small and medium enterprises contributing about a third of the country’s gross domestic product and employing over 110 million people, they struggle to access and afford credit. For instance, let us look at the sustained efforts to boost the adoption of the Account Aggregator network—the independent entity that facilitates secure and consent-based financial data-sharing between customers and …

RBI report finds 600 illegal loan apps operating in India
3 years, 4 months ago

RBI report finds 600 illegal loan apps operating in India

The Hindu  

A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India. In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps …

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities
4 years, 2 months ago

NBFCs, fintech companies urge FM Nirmala Sitharaman to enhance lending facilities

Live Mint  

Non-banking finance companies and fintech players have urged Finance Minister Nirmala Sitharaman to enhance the lending facilities by three to four years which were announced and extended by the Reserve Bank of India during Covid-19 lockdown. This requires great effort for financial inclusion, including increased lending," said Harsh Kumar Bhanwala, Executive Chairman of Capital India. Banks and capital markets play …

NBFC crisis, NPAs, eKYC key areas of concern of NDA’s second term
5 years, 10 months ago

NBFC crisis, NPAs, eKYC key areas of concern of NDA’s second term

Live Mint  

Banks and non-banking financial companies are intrinsic to our financial lives, not just for day-to-day transactions but also because they help us fulfil various needs through loans. The government, along with RBI, will have to work on providing liquidity to NBFCs, including housing finance companies and those fuelling consumer durable financing, which have been facing crisis for the last six …

Opinion | Is presence-less finance the way forward in 2019?
6 years, 6 months ago

Opinion | Is presence-less finance the way forward in 2019?

Live Mint  

A year ago, in this newspaper I said 2018 would be the year of paperless finance. Resultantly, the benefits of secure digital mobile delivery are curtailed in three ways: a) the industry’s reach is limited to branch locations, b) operation costs increase due to physical meetings, and c) the risk of documentation fraud remains as no e-authentication process exists for …

Four NBFCs empowering MSME sector
6 years, 11 months ago

Four NBFCs empowering MSME sector

ABP News  

21 : With an increase in the detection of banking frauds in the recent past, small-scale business entities in the micro, small, and medium-sized enterprise sector are now turning to Non-Banking Financial Companies for their financial needs. In this regard, here are four NBFCs that can be explored by and SME and MSME players for financial assistance: Lendingkart This is …

Signs of revival in rural economy turn lender bullish on Indian villages
7 years ago

Signs of revival in rural economy turn lender bullish on Indian villages

Hindustan Times  

The recovery in India’s rural economy is likely to curb bad loans and boost profit at financial companies that specialize in credit to the country’s villages, according to one of the biggest such lenders. Mahindra & Mahindra Financial Services Ltd., which offers loans for equipment and vehicles in 330,000 of India’s roughly 600,000 villages, is seeing business growing and bad …

RBI issues final norms for payment and small finance banks
10 years, 4 months ago

RBI issues final norms for payment and small finance banks

India TV News  

Mumbai: Introducing a new concept of niche banking in India, the Reserve Bank of India has issued final norms for payment banks and small finance banks that would allow mobile firms and supermarket chains, among others, to enter the banking arena to cater to individuals and small businesses. Among others, existing NBFCs and micro finance lenders would be allowed to …

NBFCs gear up to seek licence as RBI set to tweak norms on small banks
10 years, 4 months ago

NBFCs gear up to seek licence as RBI set to tweak norms on small banks

Firstpost  

Given the RBI’s focus on financial inclusion, smaller banks with local knowledge and operational experience can do much more to financially include the unbanked than full service banks The Reserve Bank of India’s plan to permit the proposed small banks to operate nationwide,albeit in a limited scale, can be the real game changer for India to push its agenda of …

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