Digital Loans
Geojit Credits launches digital loan against mutual fund holdings
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.
 "Geojit Credits launches digital loan against mutual fund holdings")
Bad guys may re-enter digital lending in India despite govt ban: Experts
They say the rogue apps can come back using some other name or some forged documents
 "Bad guys may re-enter digital lending in India despite govt ban: Experts")
 "Mobicule launches Industry First, Asset Repossession Module for Banks and NBFCs")
Fintech lenders align business model with RBI's digital lending norms
The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category
 "Fintech lenders align business model with RBI's digital lending norms")
Subprime borrowers must keep credit utilisation ratio under check
They must also avoid applying for too many loans within a short span
 "Subprime borrowers must keep credit utilisation ratio under check")
Applying for a digital loan? Stick to loan apps on RBI's white list
The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website
Explained: What are RBI's new norms for digital lending in India?
Digital lending involves giving and recovering loans through web platforms or mobile apps. Here are the new regulations and why they have been introduced
 "Explained: What are RBI's new norms for digital lending in India?")
ICAI probing chartered accountants for role in helping Chinese loan apps
Indian CAs are accused of not conducting due diligence before signing several statutory documents for several Chinese loan apps
 "ICAI probing chartered accountants for role in helping Chinese loan apps")
Regulating digital lending
Rules are in the right direction
 "Regulating digital lending")
Top headlines: Hindalco Q1 net jumps 48%; RBI's digital lending guidelines
The Reserve Bank of India (RBI) on Wednesday released its guidelines for digital lending, listing companies allowed in the business, the rules for loans and data collection, and how fee is charged
 "Top headlines: Hindalco Q1 net jumps 48%; RBI's digital lending guidelines")
Taking action against dubious digital loan apps, says FM Sitharaman
Most of the dubious apps are originating from one particular country and as a result a lot of borrowers are harassed and money is being extorted from by these apps, she said
 "Taking action against dubious digital loan apps, says FM Sitharaman")
Lookout circular against 3 Chinese nationals for operating illegal loan app
The Bureau of Immigration has issued a lookout circular against three Chinese nationals for allegedly operating an illegal digital loan app in India, officials said on Sunday
 "Lookout circular against 3 Chinese nationals for operating illegal loan app")
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
 "Find out why your credit report shows a loan you don't remember taking")
DMI Finance to provide digital personal loans to Google Pay users
The personal loan programme will disburse up to Rs 1 Lakh per loan, repayable over a maximum of 36 months. The partnership is being launched in over 15,000 pin codes
 "DMI Finance to provide digital personal loans to Google Pay users")
India digital loan apps blamed for mafia-like collection tactics, suicides
Panel set up by the RBI finds more than half of about 1,100 digital loan providers operate illegally.
 "India digital loan apps blamed for mafia-like collection tactics, suicides")
Challenge for banks as outsiders Amazon, IKEA crack the finance code
Analysts say the risk for traditional lenders is that they will get pushed further away from the front end of the finance chain
 "Challenge for banks as outsiders Amazon, IKEA crack the finance code")
No data on number of companies giving online app-based loans, says govt
Anurag Thakur informed the Parliament that the MCA does not capture the data of registered companies providing online lending services
 "No data on number of companies giving online app-based loans, says govt")
Immobilise unregistered digital lending apps
Forget lack of faith, there is fear of the law enforcement machinery even among educated, sophisticated, middle-class people
Digital lenders stare at dip in disbursals this fiscal due to pandemic
Cost of capital for most lenders has also gone up as fund flows from banks and NBFCs have dried up despite liquidity infusion by RBI; but things are looking up from last month as establishments reopen
RBI pulls up banks, NBFCs for non-transparency in digital loans
Apex bank says digital platforms claim to offer hassle-free loans to individuals and small traders, but don't disclose who they are associated with
 "RBI pulls up banks, NBFCs for non-transparency in digital loans")
