The company expects to build a strong balance sheet in digital business unit which will not just add to the growth of M&M Finance but also help to retain existing customers
Sequoia-backed firm, which is set to become the next unicorn, provides payments technology and digital lending to traditional businesses.
The moratorium, announced in the wake of the pandemic, has put several digital lenders out of business, say people familiar with the matter
Speed and flexibility to cater to a wider segment of small borrowers are tilting market in their favour
Digital lending platform MoneyTap on Wednesday said it has unveiled a 'buy now pay later' facility for its borrowers
Anurag Thakur informed the Parliament that the MCA does not capture the data of registered companies providing online lending services
It has been estimated that more than 1,200 lending apps are active in India. While some have been shut down or removed from Google or Apple platforms, others can pop up with frightening speed
RBI panel favours new structure for better supervision
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans
Forget lack of faith, there is fear of the law enforcement machinery even among educated, sophisticated, middle-class people
Regulated digital lenders support move; Google reviews "hundreds of personal loan apps", removes violators of its user safety policies from Play Store
The six-member panel comprising four RBI internal members and two external members is expected to submit its report within three months
Amid rising incidents of harassments relating to online lending, the Reserve Bank on Wednesday constituted a working group to suggest regulatory measures to promote orderly growth of digital lending.
The group will suggest steps to regulate digital lending including online lending platform and mobile lending
Here's a selection of Business Standard opinion pieces for the day
Unauthorised lending apps must be stopped
Digital Lenders' Association of India (DLAI) has come out with a few guidelines
The fintech model is conceptualised as asset-light, which, in fact, played a huge role in Fino Payments Bank's early breakeven
Informs public about exorbitant rates of interest charged by such apps, and use of muscle power to recover dues; guides on reporting rogue service providers
Former RBI deputy governor R Gandhi on Wednesday said some lending apps have been indulging in wrongful recovery practices for loans