Page 3 - Digital Lending

Digital and off the ground: The rise of India's new debt collectors

Companies that don't have to be on the field to nudge people to return the money they owe to lenders

Govt plans to hire agency to estimate actual size of digital economy

The government is planning to hire an agency to measure the actual size of the digital economy which is estimated to be around USD 1 trillion by 2025, according to an official document. The selected agency will be roped in for a period of nine months for the assignment. The agency will need to submit the draft report on estimation of the size of the digital economy and projections from the current financial year till 2029-30 to Ministry of Electronics and IT (MeitY) within 32 weeks from the date of selection. "The RFP aims to invite proposal in the area of estimation and measurement of India's digital economy including formulation of measurement framework, capturing data and identifying digital interventions," the document said. The report will also look into state rankings and their share in the digital economy, along with the impact of e-commerce and emerging technology on such economy. "Collective action is required in a team India spirit with collaboration between government a

mPokket aims to disburse Rs 8,000 cr in 2023, target 3 million borrowers

Digital lending platform mPokket on Thursday said it targets to disburse Rs 8,000 crore, targeting 30 lakh borrowers in 2023, and also double its customer base in the upcoming years. In 2022 alone, mPokket disbursed Rs 3,500 crore and has in all disbursed Rs 8,000 crore since its inception, said mPokket, founded by Gaurav Jalan in 2016. With a customer base of over 3.5 million approved users overall, the company said it offers loans ranging from Rs 500 to Rs 45,000, with a repayment period of 1-3 months, making it accessible to a wide range of consumers. In the current financial year, the platform has registered 1.6 million new users. "In 2023, mPokket aims to disburse Rs 8,000 crore, targeting 30 lakh borrowers and plans to double its customer base in the upcoming years," said Jalan, CEO and Founder of mPokket. He further said that the average age of mPokket's consumers is 22 years. The company has a total of 2,700 employees. Jalan said mPokket's business model is similar to cred

FLDG norms may dampen biz volume in segments with higher 5% limit: CRISIL

However, there won't be an overall impact on reported profits as the FLDG amount received will now be reckoned as a part of income

Digital lenders' disbursement grows 2.5 times to Rs 92,848 crore in FY23

Growth in disbursement value improved though the pace slowed in the second half of FY23, says industry group

Manappuram Finance launches digital lending app to widen reach

The platform is targeted at customers living in smaller cities and towns of India

Fasten your seat belts: The switch to Fintech 2.0 has just begun

A shakeout among fintech firms is very likely, as the stress on governance and compliance is set to go up many notches

Loan disbursals by digital lenders double in Q3 amid new RBI norms: Report

Data for quarter shows customers' trust and preference for fintech lending, says association

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

Digital lenders increasing spending on data security tech: Report

Threat to data privacy and cybercrimes are among risks for digital lending: Survey

Digital lending may surpass traditional lending on unsecured loans by 2030

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030, a report showed on Tuesday.

Digital lending firm Lentra enters Indonesia, Philippines, Vietnam

Company aims to reach $100 mn in annual recurring revenue by March 2024 in South East Asia nations

Govt asks blocked lending apps to submit documents proving legality

Even as the ministry sources first said the crackdown was on illegal platforms with Chinese links, several Indian apps were blocked for downloading

MeitY only wants apps not run by regulated firms removed: RBI Dy Governor

Says central bank merely provided ministry a list of apps operated by regulated entities, had not suggested any ban

Digital lending apps issue clarifications after Centre's ban on loan apps

Some digital lending apps issued clarifications as the industry entered a panic mode after the Centre banned nearly 138 gambling apps and 94 loan apps over "Chinese linkage" concerns

Fintech players confused after app ban, say clueless about govt's reasons

Industry players and associations rush to MHA and Meity seeking clarity; Google reviewing govt request

Expect bold changes in the year 2023

India is making rapid strides in the area of digital banking, meeting the expectations of a digitally agile customer base in the information age

BS BFSI Insight Summit 2022: Who's leading the way in banking technology?

From Ranjeeth Bellary, Partner, EY Forensic & Integrity Services to Rajsri Rengan, HoD - Banking & Payments, India & Philippines, FIS here are panelists who will speak on Technology in Banking

BS BFSI Insight Summit 2022: NBFC bigshots to speak on prospects ahead

From Ramesh Iyer, VC & MD at Mahindra Financial Services to Rakesh Singh, MD & CEO at Aditya Birla Finance, here is the list of panelists from NBFCs

BS BFSI Insight Summit 2022: Meet the leaders of digital, payments banks

From Airtel Payments Bank's COO Ganesh Ananthanarayanan to Parag Rao, Country Head for Payments Business, Consumer Fin, Digital Banking at HDFC Bank, here are panelists from digital & payment banks