Digital Lending

The government on Monday said a total of 87 illegal loan lending applications have been blocked after following the due process. "Ministry of Electronics and Information Technology (MeitY) is empowered to issue blocking directions to block the Information for public access under section 69A of the Information Technology Act 2000. "So far, after following the due process, MeitY has blocked a total of 87 illegal loan lending applications under section 69A of the Information Technology Act 2000," Minister of State for Corporate Affairs Harsh Malhotra informed Lok Sabha on Monday. In a written reply, he also said that regulatory action for inquiry, inspection of books of accounts and investigation under the Companies Act, 2013 is taken from time to time against companies, including the ones indulged in online lending activities through loan apps. "Whenever any violation under the Companies Act, 2013 is found on the basis of the above, an appropriate legal action is taken," he said. Th

A simple 'Buy now, pay later' click can trigger a full loan without consent. Weak verification, no alerts, and instant disbursals are fuelling identity fraud in India's digital lending ecosystem

Upcoming digital platform has the potential to achieve transformative impact of UPI, says Swaminathan J

Industry that was touted to overtake legacy banks and financial institutions gets wake-up call

Loans from registered NBFCs or banks come with a key fact statement (KFS), a sanction letter, and a loan agreement detailing all costs

ULI, seen as the UPI of credit, gets a push from the DFS and RBI, which have asked ministries and states to onboard datasets for seamless and inclusive credit delivery

In a world where credit equals opportunity, PayRupik - backed by Sayyam Investments is empowering 5 million+ Indians with swift, inclusive loans and life-changing community support.

RBI directs regulated entities to upload digital lending app data on the CIMS portal by June 15 to enhance transparency and streamline digital lending regulations

The initial focus of the Unified Lending Interface is to provide small-ticket loans and improve collection efficiency

A definition of "unregulated lending activities" to cover loans offered outside the scope of existing regulations, including digital lending platforms

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

FACE's membership may expand to 180 from 80 as it diversifies and becomes more inclusive

Access to banking, investment, credit and commerce has to be simplified in villages. A network of technology and local trust will help financial inclusion

Moving pieces need to be synchronised for Unified Lending Interface to work

Seamless delivery of credit and a quicker turnaround time without requiring extensive documentation will benefit both borrowers and lenders

Digital banking platform Freo is eyeing 25-30 per cent growth in its gross revenue for the current fiscal, co-founder Anuj Kacker said, adding that the company remains sharply focused on profitability. Kacker told PTI that RBI's recent announcement on the creation of a public repository of Digital Lending Apps (DLA) linked to regulated entities is a good move that would improve confidence around the digital lending ecosystem. He said that Freo's business is growing across multiple verticals, and the company remains steadfast in its resolve to maintain profitability. "This year, we are expecting a 25-30 per cent growth in gross revenue, and in the net revenue by 50-60 per cent as our share in gross revenue will increase," he said. Freo clocked gross revenue of Rs 350 crore for FY24. The company has been profitable since December 2023. "We have been profitable in the June quarter of the current financial year, and for the September quarter also we expect to be profitable," he said o

It will help people find out of a digital lender has a relationship with a bank or NBFC

The Reserve Bank on Thursday proposed to create a public repository of digital lending apps in a bid to address the problems arising from mushrooming unauthorised players in the segment. In another significant move, the central bank proposed to introduce a facility of "Delegated Payments" in UPI to enable an individual to allow another individual to make UPI transactions. In a post-monetary policy review address, RBI Governor Shaktikanta Das said the central bank has taken several measures for the orderly development of the digital lending ecosystem in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through U

44% of them expect to collect more than 50% of deposits through online modes

An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country