Page 4 - Digital Lending

Find out why your credit report shows a loan you don't remember taking

Loans can be issued to you both legally and fraudulently. So if there's a suspicious entry in your credit report, get to the bottom of the matter immediately

Monetary policy: RBI to revisit KYC rules after digital lending fraud

RBI Governor Shaktikanta Das said the RBI actions on KYC rules have to be in consonance with the Prevention of Money Laundering Act (PMLA)

RBI to soon come out with digital lending guidelines: DG Rajeshwar Rao

In November last year, the working group on digital lending, including lending through online platforms and mobile apps, had submitted their recommendations

Fintech Association applies to RBI for SRO role in digital lending space

This follows an RBI working group, tasked with studying digital lending by regulated and unregulated financial sector players, recommended creation of SROs to check the activities of such lenders

Fintech leading India's banking revolution but it's hampered by old rules

The country's licensing policy for financial institutions is past its sell-by date. Innovative solutions are out there but require regulation.

Asset quality pressures on micro-lending ease in Q2Fy22: CRIF High Mark

The gross loan portfolio in microfinance rose by 2.1 per cent growth at Rs 2.49 trillion at end of September 21.

LenDenClub raises $10 mn in funding round, plans $1 bn loan book by FY23

Founded in 2016, LenDenClub uses technology to bring borrowers and investors on its platform.

Exercise due diligence, avoid digital lenders that make borrowing too easy

The absence of due process-KYC, issuance of sanction letter and loan agreement-should act as red flags

RBI panel recommendations will promote growth of digi-lending: Industry

The recommendations made by the RBI working group on digital lending, including lending through online platforms and mobile apps, will promote orderly growth of sector, industry players said. In a comprehensive report, the Working Group constituted by the RBI has made several recommendations, including a separate legislation to prevent illegal digital lending activities, subjecting digital lending apps to a verification process by a nodal agency and establishing a self-regulatory organisation (SRO) covering the participants in the digital lending ecosystem. Emkay Global Financial Services in a note said the proposals appear to be largely constructive for the digital lending space and are on expected lines. That said, the introduction of regulations may moderate the growth rate of digi-loans, which have seen strong growth in a short term in countries like China and India (P2P), it said. "However, the regulations would facilitate orderly growth in the long run, similar to MFIs post .

RBI group's suggestions will boost digital lending, say experts

Industry players say the new norms will enhance how lending apps and platforms ensure customer safety and move away from unethical conduct

RBI working group warns on digital lending by big tech players

The working group has recommended the formation of a nodal agency & SRO for digital lending apps

RBI report urges new nodal agency, SRO, law to ban illegal digital lending

Says balance sheet lending through DLAs should be restricted to entities regulated by RBI or entities registered under any other law for specifically undertaking lending business

Buy now, pay later set to surge over ten-fold in India within four years

Redseer estimates India's BNPL market will rocket to $45-50 billion by 2026 from $3-3.5 billion now

Atleast 50% of retail, MSME loans to move to digital lending: Union Bank MD

Close to 50 per cent of retail and MSME loans offered by banks will shift to digital lending platforms over next two to three years, Rajkiran Rai G said on Thursday.

Bank of Maharashtra launches digital lending platform for home, car loans

State-owned Bank of Maharashtra on Friday said it has launched a digital lending platform for its home and car loan customers.

PayU Finance elevates Piyush Gupta as company's new chief data scientist

In his new role, Gupta will lead the data science and Artificial Intelligence teams for PayU Finance to drive financial inclusion for the under-served and under-banked customers

Govt to focus on digitisation 98,000 agri cooperatives for digital lending

The government will focus on digitisation and modernisation of about 98,000 PACs to ensure digital lending, said Devendra Kumar Singh, Secretary, Ministry of Cooperation, on Saturday.

Facebook, Xiaomi want a slice of India's $1 trillion digital loan market

India's digital payments market is drawing the attention of some of techs biggest names after online transactions surged during the pandemic.

Stick to regulated entities for short-term personal loans: Analysts

Avoid online platforms that charge exorbitant interest rates

Should you ditch your credit card and consider 'buy now, pay later'?

Several players, such as LazyPay, Capital Float, and ZestMoney, to name a few, offer it