RBI to start pilot on Public Tech Platform for frictionless credit
1 year, 4 months ago

RBI to start pilot on Public Tech Platform for frictionless credit

The Hindu  

The Reserve Bank of India has announced the development of a Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub, a wholly-owned subsidiary of RBI. Currently, data needed for credit appraisal are available with different entities like Central and State governments, account aggregators, banks, credit information companies, and digital identity authorities. In this context, the Public Tech Platform would enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders. During the pilot, the platform will focus on products such as Kisan Credit Card loans up to ₹1.6 lakh per borrower, dairy Loans, MSME loans, personal loans and home loans through participating banks.

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History of this topic

RBI increases collateral free loan limit for farmers from ₹1.6 lakh to ₹2 lakh
2 weeks, 3 days ago

RBI increases collateral free loan limit for farmers from ₹1.6 lakh to ₹2 lakh

Live Mint  

Mumbai, December 6 : In a big relief to small and marginal farmers the Reserve Bank of India on Friday has hiked the limit for collateral-free loans for agricultural farmers from ₹1.66 lakh to ₹2 lakh per borrower. In his address after the completion of the Monetary Policy Committee meeting, Governor Shaktikanta Das said that "taking into account the rise …

RBI MPC announcement: 7 important decisions you should know about
2 weeks, 4 days ago

RBI MPC announcement: 7 important decisions you should know about

India Today  

The Reserve Bank of India -led Monetary Policy Committee decided to keep the key lending rates unchanged on Friday, maintaining status quo for the 11th straight time. EXPANDING FX-RETAIL PLATFORM VIA BHARAT CONNECT: The FX-Retail platform, launched by the Clearing Corporation of India in 2019, aims to make foreign exchange transactions more transparent and accessible, especially for individuals and small …

What is the Unified Lending Interface by the RBI? | Explained
3 months, 2 weeks ago

What is the Unified Lending Interface by the RBI? | Explained

The Hindu  

The story so far: The Reserve Bank of India, as part of its strategy to create digital public infrastructure in the country, has announced that a new technology platform called the Unified Lending Interface would be introduced by the Reserve Bank Innovation Hub, Bengaluru which will enable friction-less credit to farmers and MSME borrowers to begin with. ULI is a …

New platform to transform lending soon, says Das
3 months, 3 weeks ago

New platform to transform lending soon, says Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das on Monday said a technology platform called Unified Lending Interface, currently at a pilot stage, would enable friction-less credit while delivering banking services to farmers and MSME borrowers. “This platform facilitates seamless and consent based flow of digital information, including even land records of various States, from multiple data service providers to lenders,” …

RBI proposes norms for aggregators of loan products
7 months, 3 weeks ago

RBI proposes norms for aggregators of loan products

Deccan Chronicle  

FALAKNAAZ SYED Mumbai, April 26 The Reserve Bank of India on Friday said that lending service providers, acting as agents of banks, should provide a digital view of all the loan offers available with them to the borrower to help them make an informed decision. The central bank said that it has observed that many of the LSPs offer aggregation …

RBI Bars Kotak Bank From Issuing New Credit Cards, Onboarding Customers via Online Banking Channel
7 months, 4 weeks ago

RBI Bars Kotak Bank From Issuing New Credit Cards, Onboarding Customers via Online Banking Channel

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday barred private lender Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. Experts said that the central bank’s action would impact the retail business of Kotak Bank which is the fastest growing business besides new customer acquisition through the 811 app. RBI …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit
1 year, 4 months ago

Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit

The Hindu  

The Reserve Bank of India’s plan to establish a ‘Public Tech Platform for Frictionless Credit’ is a well-intentioned move that is aimed at easing the flow of credit, especially to small and marginal borrowers. Developed by the Reserve Bank Innovation Hub, the platform will feature open architecture, open Application Programming Interfaces and standards that would facilitate the seamless flow of …

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?
1 year, 4 months ago

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?

The Hindu  

The story so far: On August 17, the Reserve Bank of India commenced a pilot programme endeavouring to evaluate the feasibility of the ‘Public Tech Platform for Frictionless Credit’. The suggested platform would strive to “enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders.” What is the platform for? The central banking regulator has …

Axis Bank to provide Kisan Credit Card, unsecured MSME loans via RBI’s Public Tech Platform
1 year, 4 months ago

Axis Bank to provide Kisan Credit Card, unsecured MSME loans via RBI’s Public Tech Platform

The Hindu  

Days after the Reserve Bank of India announced a Pilot for Public Tech Platform for Frictionless Credit, Axis Bank Ltd. has announced the introduction of two lending products--Kisan Credit Card and unsecured MSME loans--to small business customers which will be processed through this platform. Axis Bank said both the products will be offered in a completely digital manner and require …

Home loan, other borrowers can switch to fixed-rate regime: RBI
1 year, 4 months ago

Home loan, other borrowers can switch to fixed-rate regime: RBI

Hindustan Times  

The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the …

RBI asks banks, NBFCs to promote digital payments
1 year, 9 months ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Luthra And Luthra Advises Upwards Fintech On Its Acquisition By Lendingkart For INR 100 Crores
1 year, 9 months ago

Luthra And Luthra Advises Upwards Fintech On Its Acquisition By Lendingkart For INR 100 Crores

Live Law  

Fintech company Lendingkart Technologies Private Limited has acquired digital lending platform Upwards Fintech Private Limited for ₹100 crores, and Luthra and Luthra Law Offices India advised Upwards Fintech Private Limited and its subsidiary Upwards Capital Private Limited on its acquisition. Upwards offers personal loans to salaried professionals through its proprietary technology platform, which uses complex algorithms to analyze over 500 …

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report
1 year, 10 months ago

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report

News 18  

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030. This will be driven by deeper inroads being made in the unsecured small-ticket size segment and the secured collateral-based high-ticket size market, according to the latest white paper Fintech-led Digital Lending: Coming of Age by Experian India in …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

Kisan Credit Card lending to be digitized
2 years, 3 months ago

Kisan Credit Card lending to be digitized

Live Mint  

The Reserve Bank of India on Friday said it would take up a pilot project for end-to-end digitization of Kisan Credit Card lending, developed by the central bank and its subsidiary Reserve Bank Innovation Hub, aiming to speed up the loan turnaround time. “This pilot project on digitization of KCC lending is expected to play a pivotal role in facilitating …

New fintech to solve loan application woes
2 years, 3 months ago

New fintech to solve loan application woes

Deccan Chronicle  

HYDERABAD: mymoneykarma, India’s largest home loan FinTech, announced the launch of India’s first fully integrated digital platform — the ‘KarmaPro’ portal. “Seeking a home loan is a tedious process, one needs to approach multiple banks before the loan is sanctioned by one of them, but in the process valuable time is lost and every time a bank evaluates the application …

Explained | Why has the RBI come out with a framework to regulate digital lending?
2 years, 4 months ago

Explained | Why has the RBI come out with a framework to regulate digital lending?

The Hindu  

The story so far: On August 10, the Reserve Bank of India instituted a framework for regulating the digital lending landscape in the country. The latest set of regulations are based on recommendations received from its Working Group on ‘Digital Lending including lending through online platforms and mobile apps’ which was constituted last January. Lending Service Providers act in partnership …

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents
2 years, 5 months ago

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents

The Hindu  

As many as 7,813 complaints against banks and non-banking finance companies, pertaining to digital lending applications and recovery agents, were received under the Integrated Ombudsman Scheme of the Reserve Bank of India during the last financial year, according to the Central government. In a written reply to a question from Lok Sabha member Aparajita Sarangi, the Minister of State for …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

Beware! 600 fake money lending apps operating in India, says RBI report
3 years ago

Beware! 600 fake money lending apps operating in India, says RBI report

India TV News  

Highlights As many as 600 illegal money lending apps are operating in India, says RBI These apps are available on multiple app stores for Android users These apps can search through key words like loan, instant loan, quick loan, etc Fake Money Lending Apps in India: As many as 600 illegal money lending apps are operating in India, a report …

RBI report finds 600 illegal loan apps operating in India
3 years, 1 month 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 …

Experience Bank of Maharashtra’s hassle free Digital Lending platform
3 years, 1 month ago

Experience Bank of Maharashtra’s hassle free Digital Lending platform

Hindustan Times  

- Zero processing charges on Housing Loan and Car Loan during ongoing festive season - Lucrative Rate of Interest With changing lifestyles and increased demand for luxury, the surge in auto and home loan is visible in every nook and corner of the country. Considering the consumer demand, Bank of Maharashtra, a premier public sector bank in the country, has …

Digital lenders must help the vulnerable access productive credit
3 years, 6 months ago

Digital lenders must help the vulnerable access productive credit

Live Mint  

The effects of the second wave of covid on micro, small and medium enterprises are widely anticipated to be more harmful than those of the first wave. A recent article published in Mint on 6 May 2021, ‘We must study the MSME credit gap before we can fix it’ by Deep Mukherjee, emphasises the scope of digital lending based on …

RBI receives complaints against 1,509 digital lending apps
3 years, 10 months ago

RBI receives complaints against 1,509 digital lending apps

India TV News  

The Reserve Bank of India intimated that it has received complaints against 1,509 digital lending applications, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha on Monday. The RBI has received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered NBFCs that are engaged in digital lending, he said. …

MobiKwik Partners With Home Credit India to Offer Interest-Free Loan of up to Rs 10,000 Into Their Wallet
3 years, 10 months ago

MobiKwik Partners With Home Credit India to Offer Interest-Free Loan of up to Rs 10,000 Into Their Wallet

News 18  

Digital payments platform MobiKwik has announced a strategic partnership with Home Credit India, a local arm of the international consumer finance provider Home Credit Group to launch ‘Home Credit Money.’ The Gurugram-based company in a blog post explains that the Home Credit money enables users to avail instant interest-free loan ranging from Rs 1,500 to Rs 10,000 directly into their …

RBI forms working group on digital lending
3 years, 11 months ago

RBI forms working group on digital lending

The Hindu  

The Reserve Bank of India has constituted a working group on digital lending — including online platforms and mobile apps — to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players. “While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are …

Sources of funds for loan apps under lens
3 years, 11 months ago

Sources of funds for loan apps under lens

Live Mint  

The Reserve Bank of India has begun looking into the sources of funds for app-based instant loan companies accused of harassing vulnerable borrowers, said a person aware of the matter. According to this person, RBI is likely to launch an investigation into whether some banks allowed funds to flow into these apps without conducting mandatory due diligence. The RBI scrutiny …

Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It …

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