Being an online marketplace for lenders, the Mi Credit app debuts with support from Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt
As sales falter, banks tighten lending norms for auto dealers
The problems started late last year following shock defaults at shadow lender IL&FS group
Lower lending rates have long been seen as a needed boost to India's economy, which grew at a 15-month low in the April-June quarter