Even as the rate of growth for unsecured credit continues to moderate for most fintech companies after the Reserve Bank of India hiked risk weights last year, the demand of such financial products continues to remain strong.
Data from a report by Fintech Association for Consumer Empowerment, a self-regulatory organisation in the fintech sector (SRO-FT) reveal that the volume of loans sanctioned had slowed down in the second half of the financial year 2023-24 (H2FY24).
Around 46.6 million loans were sanctioned in H2FY24, an 8.4 per cent increase from 43 million loans in H1FY24. In comparison, loan volumes had