RBI nudges fintechs to consider granting same-day loans to street hawkers

Loans are repaid within 24 hours and seek to bolster financial inclusion at the bottom of the pyramid

The Reserve Bank of India (RBI) has indicated to fintechs that they should weigh a “same-day” loan offering targeted at vendors and hawkers.

Such a loan is given out and repaid within 24 hours and seeks to bolster financial inclusion at the bottom of the pyramid. Sources said that the need for such a scheme had figured in talks with the central bank’s FinTech Department.

As on date, there is no tested model for same-day loans in the country. The pain points being the lack of credit histories among vendors and hawkers. While many of them in