DIGITAL LOANS
Is it a good idea to get a personal loan for travel?
IndusInd Bank's instant personal loans for travel offer competitive rates, higher loan amounts, flexible tenures, and instant approval. Manageable EMIs, an EMI calculator, and quick access for emergencies aid financing. The versatile loan covers all travel needs, improves credit scores with punctual repayments, supports last-minute plans, and ensures financial health, making vacations stress-free and memorable.
ONDC to add banks, fintechs to take credit services to last mile
The homegrown Open Network for Digital Commerce (ONDC) will soon integrate banks such as HDFC Bank, IDFC First Bank and Karnataka Bank, alongside fintech companies like Fibe, sources told us. This comes as the network began early pilots for credit disbursal through its platform, by partnering with Tata Group superapp Tata Neu and Paisabazaar.
RBI Governor urges banks to step up efforts against ‘mule accounts’ & intensify customer awareness initiatives
RBI Governor Das emphasized the importance of managing third-party risks, enhancing compliance culture, and strengthening resilience in banks during a recent meeting with banking executives.
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
Traders' new fancy: Crypto F&O
Indian crypto traders are flocking to Futures & Options (F&O) markets, with leading exchanges like CoinDCX and Delta Exchange experiencing a volume surge. However, a cloud of uncertainty hangs over the regulatory landscape regarding F&O taxation. This shift is driven by a desire to avoid the 1% TDS imposed by the government on spot crypto trading.
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
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No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
ONDC to touch 10 million transactions in June: official
Shireesh Joshi, ONDC's president said the company will touch 10 million transactions in June. " We are growing strong, adding about one million transactions month-on-month," he added. Joshi expressed hope that ONDC will surpass major ecommerce players like Flipkart and Amazon in future.
Step-by-step process for a home loan balance transfer
Transfer your home loan wisely by comparing offers, verifying eligibility, submitting required documents, negotiating terms, and finalizing the balance transfer for reduced EMIs and long-term savings.
Digital loans up 49% in FY24 by value, Rs 1.46 lakh cr disbursed: Industry body
The digital lending sector, represented by FACE, saw a significant increase in disbursements and loan numbers in FY23-24, with member entities disbursing Rs 1.46 lakh crore, marking a 49% surge. Over 10 crore loans were issued, up 35% from the previous year. Despite regulatory concerns, the sector emphasizes customer-centricity, compliance, and sustainable practices.
SBI launches digital business loans for small and medium cos
SBI launches SME digital loans programme using data from tax and GST returns for quick credit assessment and loan approval up to ₹50 lakh in 10 seconds without human intervention.
SBI to use IT, GST data for quick sanction of MSME loans
State Bank of India (SBI) has introduced SME Digital Business Loans, using data from income tax, GST returns, and bank statements for rapid credit assessment of MSMEs, enabling loan sanctions within ten seconds without human intervention. For loans up to Rs 50 lakhs, financial statements are waived in favor of transaction history and GST returns. This initiative aims to streamline MSME lending, reducing manual processes and enhancing efficiency.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Muthoot Finance's AUM grows 25% to Rs 89,079 cr in FY24
Muthoot Finance's consolidated assets under management surged 25% YoY to Rs. 89,079 crores in FY24, with a 22% YoY increase in profit after tax to Rs. 4,468 crores. The chairman emphasized a pivot towards non-gold loan growth and digital strategies, aiming to boost subsidiaries' contribution and expand into diverse financial sectors.
Bank frauds up nearly 300% in last two years, digital frauds up 708%: RBI
Fraud cases in Indian banks surged to 36,075 in FY24 from 9,046 in FY22, a nearly 300% increase, while the amount involved dropped by 46.7% to Rs 13,930 crore. Most frauds occurred in digital payments, but the highest value frauds were in loan portfolios, with public banks contributing the most by value.
Muthoot Finance shares rally 4% post Q4 results. Should you invest?
Muthoot Finance Share Price: Muthoot Finance shares surged by 4.3% on Friday on the BSE, reaching a day's high of Rs 1,745. This uptick followed the company's announcement of a profit after tax of Rs 1,056 crore, marking a 17% year-on-year (YoY) increase compared to Rs 903 crore reported for the corresponding period last year.
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Financial frauds declined by 46.7 per cent during 2023-24: RBI annual report
The Reserve Bank of India (RBI) reported a 46.7% drop in fraud value for 2023-24 compared to the previous year. Private-sector banks reported the most frauds, mainly small digital payment frauds, while public-sector banks had the highest fraud value, primarily in loans. The report highlights a focus on regulation, supervision, and financial stability for 2024-25, including enhancing cyber response and using AI to prevent fraud. It also notes India's robust economic growth, with strong macroeconomic fundamentals and significant capital expenditure planned. The Pradhan Mantri Garib Kalyan Anna Yojana extension will bolster food security.
Reliance launches beta version of JioFinance app to offer UPI, digital banking, loans on mutual funds
Jio Financial Services introduced the beta version of the Jio Finance app, offering UPI, digital banking, and mutual fund loans. Key features include instant digital account opening and streamlined bank management. The app integrates various financial services like digital banking, UPI transactions, and insurance advisory. Future plans include expanding loan solutions, starting with mutual fund loans.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
LIC Housing Finance eyes lower double digit loan portfolio growth in FY25
LIC Housing Finance targets "lower double-digit" loan portfolio growth this fiscal, focusing on affordable housing, says MD Tribhuwan Adhikari. March saw a 4.3% y-o-y loan portfolio rise to Rs 2.87 lakh crore. Annual loan disbursement dropped 8% to Rs 58,937 crore, partly due to cautious lending amid competition from other lenders.
Expecting double digit disbursement and loan book growth this year: Tribhuwan Adhikari, LIC Housing Finance
I would expect this year that we would be showing a good disbursement growth in the double digits, as well as the loan book growth of double digit.
Gold loan market thriving in Indian states; Unimoni eyes Rs 1,000 crore loan book by FY25
Unimoni Financial Services CEO Krishnan R highlighted that states like Kerala, Telangana, Tamil Nadu, Bihar, Maharashtra, and Punjab are actively participating in the gold loan market. While farmers constitute a significant portion of their clientele, individuals, small businesses, and micro enterprises are increasingly turning to gold loans for various needs like education, weddings, and medical expenses. The surge in gold prices enhances lenders' security, allowing them to maintain favorable loan-to-value ratios.
No default loss cover diktat by RBI to hit peer-to-peer lending startups
RBI's ban on DLG for P2P platforms reshapes industry operations, impacting prominent startups. Regulator's actions aim to bolster governance but may raise customer acquisition costs and deter investors due to increased risks.
How Account Aggregator can help digital lenders improve collections
Digital processes like loan monitoring, customer segmentation, and communication are being developed and improved to enhance the debt recovery efforts of digital lenders.
Lending service providers may have to provide digital view of all offers: RBI
The Reserve Bank of India (RBI) is considering new rules for digital lending, aiming to enhance transparency. The proposed guidelines would require lending service providers (LSPs) to digitally share all available loan offers from willing lenders with borrowers. This move aims to empower borrowers by providing a clear view of their loan options, including details like lender names, loan amounts, interest rates, and key terms. The RBI also emphasizes the need for unbiased content, prohibiting LSPs from favoring any particular lender.
RBI proposes new norms for LSPs to promote transparency
LSP is an agent of a regulated entity (RE) who carries out one or more of lender's functions or part thereof in customer acquisition, underwriting support, pricing support, servicing, monitoring, recovery of specific loan or loan portfolio on behalf of REs in conformity with extant outsourcing guidelines.
14 years on, the marvel of DPI’s expanding universe
It has been 14 years since the first Aadhaar number was issued, a decade since the Unified Payments Interface (UPI) was designed.Ever since, the digital public infrastructure universe has been expanding.
MSME fintechs steal show as consumer lending loses fizz
All these years, digital lending has been mostly synonymous with unsecured consumer credit. But that is slowly changing. Business-focused fintech lenders are increasingly grabbing the limelight with more traditional lenders opening up to work with them.
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