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Fastest growing private sector banks RBL Bank has announced partnering with CreditVidya, India's leading fintech firm providing alternate data credit underwriting solutions to over 25 premier financial institutions.
The partnership will enable RBL Bank to instantly verify the employment details of salaried individuals, consequently reducing the turnaround time for credit assessments.
RBL Bank is amongst the first few banks to be live on Bharat QR, BHIM, Aadhaar Payment Bridge System and other cashless initiatives launched by National Payments Corporation of India (NPCI). With its Retail Asset (Advances) segment growing at a CAGR of more than 60 percent, RBL Bank is focused on developing in-trend products and services to meet the evolving demands in the retail banking space.
"Through our partnership with CreditVidya, we have been able to leverage technology to substantially reduce underwriting costs in credit cards and personal loans, and also prevent employment-related fraud. In addition, we have been able to offer seamless customer experience and faster turnaround time for our services," said business head retail, inclusion and rural business, RBL Bank, Harjeet Toor.
"We are grateful to RBL Bank's management for continued support and belief in our solutions. They are the new age lender that India needs, to ensure that the underserved segments of the population gain access to credit at reasonable rates. Our employment verification engine - EVE, reduces underwriting costs, prevents human errors and employment-related fraud, thus enabling loan approvals within a few minutes for salaried individuals," said co-founder and CEO, CreditVidya, Abhishek Agarwal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)