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The <keyword id="22639470" type="General" weightage="20" keywordseo="Adani-One-app" source="keywords">Adani One app</keyword>, developed by <keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Digital Labs Ltd, was launched in December 2022. The app was primarily launched to provide services for <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords">Adani Group</keyword>’s airport vertical. Users can book flights, check the status of their flights, go shopping for duty-free products and more. Since then, the app has come a long way. For instance, the Adani One app has already integrated bill payment services and also launched a co-branded credit card in collaboration with ICICI Bank. And now, reports are that the <keyword id="20028332" type="General" weightage="20" keywordseo="super-app" source="keywords">super app</keyword> is working to offer loans through its platform. This will be made possible by partnering with digital lending firms and non-banking financial companies (<keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword>). <h2>Adani One app to provide personal loans?</h2>According to a report in Moneycontrol, the Adani One app will start to offer personal loans through pilot projects in collaboration with digital lending firms and non-banking financial companies (NBFCs). The app has partnered with KrazyBee Services, a subsidiary of KreditBee, to facilitate personal loans ranging from Rs 1,000 to Rs 5 lakh. Adani Digital Labs will act as a lending service provider (LSP) in this partnership. As of the latest report, Adani One achieved a gross merchandise value (GMV) of Rs 750 crore for the financial year ending March 2024 and has a user base of 30 million. The company aims to reach 500 million users by 2030. Adding more services to its super app, therefore, seems to be a step in this direction. The Moneycontrol report also adds that Adani One is also in discussions with other NBFCs and fintech companies to broaden its credit product offerings. The exact commission rates for loans will vary based on agreements with partners. This move is part of Adani Group's broader strategy to enhance its super app, which now includes a range of services beyond its original focus. <h2>What is a Super app?</h2>A Super app often acts as a one-stop solution for various needs. For instance, an app that allows you to buy movie tickets, book flight tickets, make payments etc will be called a super-app. Apart from Adani One, there are various other super apps like Tata Neu, and <keyword id="19957624" type="General" weightage="20" keywordseo="myjio" source="keywords">MyJio</keyword>. Interestingly, KreditBee, which Adani group is reportedly partnering with, is also a lending partner for Tata Neu.

Thinking of getting a personal loan? Adani group might have something for you

New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

<ul><li>Fintechs issuing <keyword id="4294146" type="General" weightage="20" keywordseo="digital-loans" source="Orion">digital loans</keyword> witnessed an over three-fold disbursal growth in Q2. </li><li>The number and value of disbursals showed an increase in both year-on-year as well as sequential basis. </li><li>The average loan ticket size, however, witnessed a relatively moderate growth of 27% year-on-year to ₹8,602. </li></ul><keyword id="59794" type="General" weightage="20" keywordseo="digital-lending" source="Orion">Digital lending</keyword> platforms have seen their disbursals rise by over threefold year-on-year in Q2 FY23 to ₹14,016 crore. In the same period last year, they stood at ₹4,435 crore. According to a report by Fintech Association for Consumer Empowerment (FACE) which collated data from 21 FACE members, disbursals grew both in volume and value terms on a year-on-year, as well as sequential basis. The number of loans disbursed in Q2 increased 149% YoY to 16.3 million. The average loan ticket size stood at ₹8,602 — increasing 27% YoY. The report notes that the average ticket size varies across lenders due to the different target audience and segments. “We also see upward and downward movements regarding ticket size across lenders as they transition to other products and customer segments,” the report said. The difference in the consumer profiles and segments is also evident from the huge ‘spread’ in the processing fee and rate of interest charged by these fintech companies. According to the report, the processing fee spread is between 1.1% to 5.3%, while the interest rate spread is between 14.5% to 38.3%. “A number of factors, including the cost of funds, operations and risk profile of customers, influence the pricing for the customers and the range is perhaps reflective of the same,” the report said, explaining the reasons for the spread. <cmsannotation type="cmsannotation" annotationid="RBI’s digital lending and microfinance norms aimed at consumer protection" comment="subhead" text="RBI’s digital lending and microfinance norms aimed at consumer protection"><keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s <keyword id="50691" type="General" weightage="100" keywordseo="digital" source="Orion">digital</keyword> lending and microfinance norms aimed at consumer protection</cmsannotation> The report also says new regulations in the sector will act as growth boosters. “Implementation of RBI’s Digital Lending norms brings tailwinds for the industry as it sets clear rules and standards, boosting the confidence of the customers, fintech lenders and other market participants,” said Sugandh Saxena, CEO at FACE. The norms were announced in August and notified in September this year. RBI’s digital lending norms provide for transparent pricing, cutting out the lending service providers out of the loan sanction process, an easier and transparent mode for borrowers to prepay their digital loans without any penalty, among other things. In addition to this, the RBI had also<a href="https://www.businessinsider.in/finance/news/customer-protection-guiding-light-of-revamped-microfinance-regulations-says-rbi-deputy-governor/articleshow/95352941.cms/"> announced</a> a slew of measures for the microfinance sector, including policies for conduct of employees, preventing coercive measures against borrowers, and transparent pricing of loans. This year, Chinese lending apps also <a href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">came under scrutiny</a> of the Enforcement Directorate, which booked cases against more than 400 apps and 50 non-banking finance companies (NBFC). SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/can-diabetic-drugs-help-you-lose-weight-heres-what-experts-say/articleshow/95817157.cms">Can diabetic drugs help you lose weight? Here’s what experts say</a> <a href="https://www.businessinsider.in/finance/news/customer-protection-guiding-light-of-revamped-microfinance-regulations-says-rbi-deputy-governor/articleshow/95352941.cms">Customer protection 'guiding light' of revamped microfinance regulations, says RBI deputy governor</a> <a href="https://www.businessinsider.in/stock-market/news/a-year-after-market-debut-paytm-is-the-worst-performer-among-recent-large-ipos-cartrade-policybazaar-and-lic-join-the-party/articleshow/95762071.cms">A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party</a>

Digital lending platforms see 3x year-on-year rise in disbursals to ₹14,016 crore in Q2 FY23

<ul><li>The <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> can range between ₹10,000 to ₹30,000. </li><li>The entire <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> process, including disbursement and collection, is conducted digitally through the app. </li><li>In FY23, the company reported that 34% of <keyword id="602834" type="General" weightage="20" keywordseo="loan-repayments" source="Orion">loan repayments</keyword> were conducted through <keyword id="3160615" type="General" weightage="20" keywordseo="digital-channels" source="Orion">digital channels</keyword>. </li></ul>Muthoot Microfin Limited on Monday launched a new service called 'Suvidha Loan' aimed at providing customers with instant access to funds. This service allows customers to apply for a loan amount ranging from ₹10,000 to ₹30,000, and receive the funds within 30 minutes of application. The entire process is facilitated through the Mahila Mitra App, which is the company's mobile application platform designed for its customers. With the introduction of this service, Muthoot Microfin aims to empower its customers with quick and hassle-free access to much-needed funds. Says Sadaf Sayeed, chief executive officer, Muthoot Microfin, “Muthoot Microfin has conceptualised Suvidha Loan to empower microfinance customers, strengthening our commitment towards digital inclusion of rural India. This enables customers to borrow at her discretion and convenience without being dependent on a loan officer or joint liability group.” The Suvidha Loan incorporates secure document execution methods like virtual signatures, OTP verification, and geo-coordinate confirmation, ensuring a seamless process, the company says. Customers can choose flexible repayment options, including monthly or weekly instalments, to suit individual needs and preferences. The entire loan process, including disbursement and collection, is conducted digitally through the app, eliminating the need for paper-based transactions and minimising manual intervention. Sayeed adds that with the use of the company’s Mahila Mitra app and credit scorecard, together with integrated household-level credit bureau, digital KYC (know-your-customer), and penny-drop verification, “we can analyse a customer on 40 different parameters in a matter of minutes. We can decide on a loan within 15 minutes and disburse it in 30 minutes.” At present, Muthoot Microfin has a customer base of 13 lakh individuals who use the Mahila Mitra App to manage their loans and access digital services. In FY23, the company reported that 34% of loan repayments were conducted through digital channels, which were encouraged through incentivised payback schemes. The introduction of Suvidha Loans aligns with the company's vision to empower customers by leveraging digital infrastructure and services, further enhancing their convenience and accessibility. The Mahila Mitra app was launched in May 2020, to enable customers to instantly overview their loan details, and learn more about their transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/lgbtq-plus-travel-safety-concern-rises-in-india-as-per-booking-com-survey/articleshow/100767027.cms">More than 60% LGBTQ+ cancelled travel plans in India last year with over 90% fearing for their safety</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-kavach-which-aims-to-prevent-railway-accidents-explained/articleshow/100767568.cms">Explained: What is Kavach? The Railways’ protective armour missing in Odisha</a>

Speedy, small loan market sees Muthoot Microfin make an entry

<ul><li>The highest number of <keyword id="35520" type="General" weightage="100" keywordseo="personal-loans" source="Orion">personal loans</keyword> are disbursed in less than ₹5,000 ticket size. </li><li>Digital loan disbursements continue to rise - disbursement volumes grew by a whopping 153% over the last year. </li><li>In consumer durable <keyword id="6362287" type="General" weightage="80" keywordseo="loans" source="Orion">loans</keyword>, loans of ticket sizes between ₹5,000- ₹10,000 witnessed the highest growth of 493% from April 2021 to April 2022.</li></ul>In the first half of the current financial year, <keyword id="8058517" type="General" weightage="20" keywordseo="digital-lenders" source="Orion">digital lenders</keyword> disbursed a total of ₹2.74 crore loans through their balance sheet according to a <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">Fintech</keyword> Lending Report by<a href="https://www.equifax.co.in/"> Equifax Credit Information Services Private Limited</a> (ECIS), a leading credit bureau, along with<a href="https://faceofindia.org/"> Fintech Association for Consumer Empowerment</a> (FACE), an industry association and self-regulatory body for fintech lenders. Digital loan disbursements continue to rise and disbursement volumes grew by a whopping 153% over the last year with the disbursement value growing by 62%. The Fintech Lending Trends report uncovers the lending patterns for the fast-moving fintech lending industry. It aims to contribute to market players making informed decisions and expanding prudently and responsibly. Personal loans remain the dominant product, accounting for 96% of the total disbursement volume and 66% of the total value. The highest number of personal loans are disbursed in less than ₹5,000 ticket size. When it comes to consumer durable loans, loans of ticket sizes between ₹5000-₹10,000 witnessed the highest growth of 493% from April 2021 to April 2022. Maharashtra, Karnataka, Telangana, Tamil Nadu and Andhra Pradesh are the top five states for digital loans accounting for a total of 54% of the total disbursement value. Andhra Pradesh and Telangana see the highest growth of digital borrowing at 87% and 67%, respectively. Nanaiah Kalengada, managing director, ECIS and country leader - India &amp; MEA, Equifax, says, "Fintech lending industry in India has gained significant importance in recent years due to providing access to credit to a larger population and offering alternative borrowing options to the customers.” Says Sugandh Saxena, CEO at FACE, "A robust regulatory framework for digital lending safeguarding customer interests and concerted actions to address illegal digital lending apps create a much favorable ecosystem for digital lending. Data from the<a href="https://faceofindia.org/assets/ResourCecenter/FACE-Equifax-FinTech-Lending-Trends-Vol-I-H1-FY-2022-23.pdf"> </a>report validates the fintech lending role in distributing ‘sachet loans’ to the mass market and bringing them to the formal credit fold, expanding their credit footprint. Looking at the developments this financial year, including multi-fold business growth, the industry is in good spirits to be a force of good in our customer’s journey for progress with roots nurtured with inclusion, innovation, customer-centricity and compliance.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/people-have-to-be-comfortable-with-the-idea-that-they-need-to-reskill-and-upskill-for-career/articleshow/98303764.cms">People have to be comfortable with the idea that they need to reskill and upskill over the course of their career: Mohan Lakhamraju, Great Learning</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/green-jobs-like-sustainability-managers-environmental-consultants-esg-analysts-growing-in-india/articleshow/98304119.cms">India Inc. sees 81% annual increase in green jobs in January: foundit</a>

Personal loans remain the dominant Fintech product, accounting for 96% of the total disbursement volume: Equifax and FACE

Digital lending is the new buzzword in the financial world. There are over 1,100 apps that give loans and over 600 of them are illegal, according to a report by the Reserve Bank of India’s (RBI) working group. Digital loan providers take money from banks and other financial lenders and route it to people who borrow online. Banks give them the money on the guarantee that a certain portion of the loans will be repaid by the app owners, if the end borrower defaults. This agreement with banks to give loans to customers is called <keyword id="12642631" type="General" weightage="20" keywordseo="first-loss-default-guarantee" source="Orion">First Loss Default Guarantee</keyword> (FLDG). And the RBI working group doesn't like such agreements i.e., firms regulated by RBI should not get into such agreements with unregulated or illegal players. In fact, the RBI has received a significantly increasing number of complaints against illegal <keyword id="4795429" type="General" weightage="20" keywordseo="digital-lending-apps" source="Orion">digital lending apps</keyword> i.e., around 2,562 complaints from January 2020 to March 2021. Concerns related to digital lending Privacy and data security You may not even know, but while accepting the ‘terms and regulations’ and giving permission to the media, you give away access to a lot of information on your phone. The threat to you is now these apps can easily track your spending patterns, social media activity, location and much more. Below-given table shows the critical permissions requested versus the percentage of apps requesting these permissions: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Permission to read </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of digital lending apps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Location </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Camera </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Contacts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Make phone calls </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Record audio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Data source: Report by RBI’s working group) In digital credit markets, consumer data and other information is increasingly used and shared in the lending and borrowing process. The working group of the RBI has made these recommendations to regulate the digital lending space: Regulation for ‘Digital only’ firms In the emergence of a growing fintech ecosystem, RBI could set up a regulatory framework particularly for fintech firms. It may also allow digital lenders to innovate and experiment with several lending products under its supervision. Nodal agency to authorise trusted digital lenders Another recommendation is to set up a nodal agency to ensure that only authorised and trusted digital lending apps are used by consumers. The independent body could be called as Digital India Trust Agency (DIGITA). Verified apps Only apps verified by RBI’s independent body (DIGITA) should be allowed to run lending business. Guidelines for digital apps RBI could form guidelines to comply with various basic technology standards/requirements, including those on cyber security as a pre-condition to offer digital lending services. Data governance Adding to the regulatory norms suggestions, the central bank could lay down restrictions on data and privacy policy on lending apps. Large fintech firms may benefit if RBI sets up these regulations While the lending space is growing rapidly as people are looking to borrow funds amid an unexpected crisis, there are also high chances of loan defaults. And if multiple loan defaults happen at the same time, these fintech firms will have to take the burden on their books. This means some of them may not even survive after a period of time and worsen the economic situation that we are already facing. Most of these concerns may settle down if RBI approves and validates the recommendations made by the working group to run a lending business. If this comes true, many fintech firms that do not meet RBI criteria to run a lending business may disappear. This ultimately leads to the existence of only strong players who can then acquire additional market share. 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Going to take a digital loan? Read this before you do it

Union <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24 with a digital device instead of the traditional 'bahi-khata' in her hands. Wednesday's <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> will be <keyword id="679937" type="General" weightage="50" keywordseo="sitharaman" source="Orion">Sitharaman</keyword>'s fifth Budget presentation as Finance Minister. In 2019, the Union Budget was presented in a traditional 'bahi-khata' rather than a leather briefcase. It was the first time since independence that any Finance Minister had 'opted out' of a briefcase or a hardbound leather bag. The minister in 2019 not only garnered huge attention for carrying a 'bahi-khata', but also for implying the rich culture the country holds. A 'bahi-khata' holds prominence in Indian culture, tradition and history. For decades, the Indian way of managing accounts and keeping a record of bills was done in a 'bahi-khata'. Traders, merchants, sailors and even small shopkeepers have retained this way of preserving their data. However in 2021, due to the Covid-19 pandemic, the government had to take necessary steps to maintain the security and safety of everyone. The Finance Minister moved ahead with the first paperless Budget holding a digital tablet wrapped in a red-coloured cover with the national emblem emblazoned on it. The same year, the minister also launched the '<keyword id="10642681" type="General" weightage="50" keywordseo="union-budget-mobile-app" source="Orion">Union Budget Mobile App</keyword>' for hassle-free access of Budget documents by the parliamentarians and the general public. Following the same trend the next year, the Union Budget 2022 was also a paperless budget. On Wednesday, the Budget documents will be available on the 'Union Budget Mobile App' on both the <keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword> and Apple OS platforms after the completion of the Budget Speech by the Finance Minister. Like every year, the Finance Minister will first visit the North Block situated at Raisina Hill ahead of the Budget presentation on Wednesday. Following this, she will meet President Droupadi Murmu and will present the Union Budget 2023 at 11 AM in Parliament. Earlier on Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword>, stating that the economic recovery of India from the Covid-19 pandemic is complete and the economy is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22. Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024. A large section of people expect reduced taxes, loan rates, and reduced prices of essential commodities. The Budget Session of the Parliament began on Tuesday with President Droupadi Murmu's address to the joint session where she spoke about different topics during her maiden address after being elected to the topmost office of the country last year. Ahead of the Budget session of Parliament, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Tuesday said, "India's Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/nirmala-sitharaman-arrives-at-north-block-ahead-of-union-budget-2023-today/articleshow/97510053.cms">Nirmala Sitharaman arrives at North Block ahead of Union Budget 2023 today</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-britannia-reliance-industries-among-stocks-in-focus/articleshow/97510050.cms">Sensex, Nifty50 likely to open higher ahead of Union Budget 2023: Adani Enterprises, Britannia, Reliance Industries among stocks in focus</a>

FM Sitharaman to present Budget on digital device instead of 'bahi-khata'

<ul><li><keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has reviewed hundreds of <keyword id="6095737" type="UNKNOWN" weightage="20" keywordseo="loan-apps">loan apps</keyword> in India and has also removed many of them, which have violated user safety guidelines. </li><li>Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming a working group to regulate <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword>. </li><li>Among many other regulatory steps, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards” in the digital lending sector.</li></ul>Tech giant Google today said that it has reviewed hundreds of loan apps in India and has also removed many of them, which have violated user safety guidelines. “We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue,” said Google <a href="https://india.googleblog.com/2021/01/protecting-against-harmful-financial.html">in its blog</a>. Here’s the information that financial apps have to share with Google <ul><li>minimum and maximum periods of repayment</li><li>the maximum Annual Percentage Rate, </li><li>and a representative example of the total loan cost. </li></ul>The tech company also said that it only allows “personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued.” Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming <a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">a working group to regulate digital lending. </a> The group will study the scope of digital lending in India, identify risks in the sector “posed by unregulated digital lending” and also suggest regulatory measures if needed. Additionally, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards for deployment of digital lending services.” Google, in its statement, also said that it was placing focus on user’s privacy. “Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses,” said the tech giant. The group consisting of four top members of the Reserve Bank of India and two external members from a fintech firm and a cybersecurity firm will submit their observations of the digital lending sector within three months. The RBI said that the recent spurt in online lending apps pose serious concerns. With the coronavirus pandemic, people have been turning more and more to digital apps which offer hassle-free instant loans. However, reports have surfaced about fraudulent cases emerging from such online practices. In <a href="https://www.indiatoday.in/india-today-insight/story/how-instant-loan-apps-are-extorting-borrowers-in-telangana-1752148-2020-12-22">Telangana</a>, 11 people have been arrested so far in connection to such dubious loan companies. The <a href="https://www.newindianexpress.com/cities/hyderabad/2020/dec/22/fraud-alert-cyberabad-police-writes-to-googleplay-store-over-259-micro-loan-apps-2239361.html">Cyberabad police</a> has also reportedly written to <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> regarding 259 such micro loan apps. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">India’s central bank to monitor digital lending, says recent spurt of lending apps has raised serious concerns</a>

Google says it has removed several loan apps in India after RBI takes steps to curb fraud in digital lending

<ul><li>Google is looking to tap into its <keyword id="2750705" type="General" weightage="100" keywordseo="google-pay" source="Orion">Google Pay</keyword> user base to enter the lending segment.</li><li>Google has partnered with banks and NBFCs to offer credit to merchants and consumers.</li><li>Google Pay handles over 30% of the total UPI transactions in the country.</li></ul> Search giant Google has made several major announcements for India at their annual Google for India event including its entry into the lending business, AI-powered initiatives and more. While the company has made several announcements for its different applications and services such as Search, <keyword id="691847" type="General" weightage="20" keywordseo="google-cloud" source="Orion">Google Cloud</keyword> and more, its announcements related to Google Pay were a key highlight of the event. Google is now entering the lucrative lending business in India, along with local partners. This is aimed at both small merchants and regular users. It is noteworthy that Google Pay enjoys a huge market share in India, handling over 30% of the total UPI transactions in the country. “Just like UPI revolutionised digital payments, digitising credit – with consent and privacy safeguards – can provide ways of expanding the reach of formal credit. And the lower transaction cost of digital credit delivery can enable smaller minimum ticket loan sizes, making it more suitable and approachable for more borrowers,” Google said in a post. <cmsannotation type="cmsannotation" annotationid="Credit for merchants" comment="subhead" text="Credit for merchants">Credit for merchants</cmsannotation> Google has announced several credit facilities for merchants, aimed at offering improved access to credit. For this, the company has partnered with banks and NBFCs. <cmsannotation type="cmsannotation" annotationid="Merchant credit line" comment="subhead2" text="Merchant credit line">Merchant credit line</cmsannotation> To help merchants get quicker access to a credit line for their working capital requirements, Google has announced a merchant credit line in partnership with ePayLater. This will be available to merchants, both online and offline, for the purchase of stock and supplies. <cmsannotation type="cmsannotation" annotationid="Sachet loans" comment="subhead2" text="Sachet loans">Sachet loans</cmsannotation> Merchants looking for a smaller credit can instead opt for sachet loans, which is being offered in partnership with DMI finance. The sachet loans start as low as ₹15,000, with repayment options starting at ₹111. <cmsannotation type="cmsannotation" annotationid="Merchant loans" comment="subhead2" text="Merchant loans">Merchant loans</cmsannotation> Google has also partnered with ICICI Bank and Indifi to offer seamless merchant loans and repeat loans. <cmsannotation type="cmsannotation" annotationid="Credit for consumers" comment="subhead" text="Credit for consumers">Credit for consumers</cmsannotation> It’s not just merchants, Google is also entering the consumer lending segment. <cmsannotation type="cmsannotation" annotationid="Personal loans on Google Pay" comment="subhead2" text="Personal loans on Google Pay">Personal loans on Google Pay</cmsannotation> Google has partnered with Axis Bank to offer personal loans to customers on the Google Pay app. Google Pay is already offering personal loans through the app in partnership with DMI Finance and is expected to soon onboard more partners. <cmsannotation type="cmsannotation" annotationid="Credit on UPI" comment="subhead2" text="Credit on UPI">Credit on UPI</cmsannotation> Google has partnered with ICICI Bank to offer Credit on UPI. What this essentially means is that customers will soon be able to avail credit lines from banks on UPI and use this credit line to make payments via the Google Pay app. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phone-under-30000-in-india-in-festival-season-2023/slidelist/104551645.cms">Best smartphones under ₹30,000 in India – the perfect mid-range options for you</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a>

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

The app-led digital payments revolution in India started almost a decade ago and played a definitive role in empowering citizens for years. But a majority of single-service fintech apps are losing their relevance with the growing popularity of super apps, which offer a wide range of payments and financial services to consumers under a single platform. This is an area where <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword>, India’s best known fintech company, has a clear first mover advantage. After pioneering the QR and mobile payments revolution in India, Paytm is now leading the fintech revolution with its all-inclusive platform. Here are 5 ways how the company is reinforcing its stronghold as India’s leading digital and financial services with its <keyword id="3848715" type="General" weightage="80" keywordseo="super-app" source="Orion">super app</keyword>: Widest range of payment services for consumers With the <keyword id="13945656" type="General" weightage="80" keywordseo="paytm-super-app" source="Orion">Paytm Super App</keyword>, consumers have access to the widest range of payment services including mobile and DTH recharges, paying utility bills and rent, money transfers, merchant payments, booking movie and event tickets and for all kinds of travel purposes. Consumers can even pay their credit card bills and education fees through the <keyword id="15151100" type="General" weightage="80" keywordseo="paytm-super" source="Orion">Paytm Super</keyword> App. With so many payment services under a single platform and the industry-best success rates, consumers can fulfill their daily payments seamlessly without needing multiple apps. With this, Paytm is playing a critical role in shaping the future of digital payments with its super app. One-stop platform for all financial services The Paytm Super App is one of the few fintech platforms in the country that offers a complete range of financial services on its platform, ranging from loan distribution to credit cards and even insurance. On the app, eligible users can get a personal loan or opt for <keyword id="5988397" type="General" weightage="50" keywordseo="paytm-postpaid" source="Orion">Paytm Postpaid</keyword> (Buy-now-pay-later) in just a few minutes. They can also opt for other financial services like insurance, loan repayment and more. It may be noted that Paytm created the country’s first ever Super App where payments and financial services were bundled together. This has proved to be largely successful, given the fact that most fintech platforms are now trying to replicate this model. Empowering users with flexible payments instruments One of the biggest advantage that the Paytm Super App has over its competitors is the flexible payments instruments that it offers for its millions of customers – they can pay through a host of payment instruments like <keyword id="3032681" type="General" weightage="50" keywordseo="paytm-wallet" source="Orion">Paytm Wallet</keyword>, <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>, Credit and Debit Card, net banking, Paytm Postpaid (BNPL) and more. Besides conventional payments at offline and online stores, the Paytm Super app also lets users set up recurring or automatic bill payments for OTT subscriptions, utility recharges, loan repayments and more. With this, the Paytm Super App has enabled an integrated ecosystem that not only provides seamless payments services to consumers, but also helps merchants to accept payments with ease. Services beyond payments and financial services While payments and financial services constitute the core offerings on the Paytm Super App, the platform also allows consumers to access hundreds of other services. On the super app, consumers can also access a wide range of health services including ordering medicines, getting an ABHA card, finding blood banks, downloading vaccine certificates and more. Leading the digital payments ecosystem with record user engagement With the widest pool of payments and financial services, the Paytm Super App continues to play a decisive role in generating record user engagement, which is integral to Paytm’s business model, monetization and strong revenue growth. Consumer engagement is at its highest on Paytm Super-App with average monthly transacting users (MTU) at 78.8 million for the two months ended August 2022, up 40% y-o-y. The Paytm Super App has not only provided a massive push to user engagement, but also ensured higher customer retention by giving them access to a host of payments and utility services under one platform. Today, the Paytm Super App has become a one-stop destination for diverse needs of millions of users as it gives the most comprehensive choices in comparison to all its competitors and this is the reason why it is championing the country’s digital payments ecosystem. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

5 ways how Paytm Super App is championing the digital payments ecosystem in India

Nearly nine in 10 customers in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> use fintech lending apps to take <keyword id="6362287" type="General" weightage="20" keywordseo="loans" source="Orion">loans</keyword> for emergencies, <keyword id="42518" type="General" weightage="20" keywordseo="medical" source="Orion">medical</keyword> and upskilling needs, a new report said on Thursday. More than two-thirds feel positive after taking a loan via digital means and 89 per cent reported positively toward digital lending apps, according to the report by the <keyword id="10648101" type="General" weightage="80" keywordseo="fintech-association" source="Orion">Fintech Association</keyword> for Consumer Empowerment (FACE), an association of digital and fintech lending companies. "Customer voices are very reassuring to know that digital credit is meeting customer's critical needs making them resilient to deal with day-to-day exigencies (medical/emergencies/cashflows) and also invest in their future and aspirations," said <keyword id="14579949" type="General" weightage="80" keywordseo="sugandh-saxena" source="Orion">Sugandh Saxena</keyword>, CEO at FACE. A Reserve Bank of India Working Group (WG) report has recommended steps for customers' access to genuine and safe regulated lending apps. "Equally important is customers' understanding of loan conditions including the pricing to take a loan they can afford and the ability to connect with lenders for queries/grievances," Saxena added. To date, 45 per cent have used one app to borrow digitally, while 55 per cent have used two or more apps to fulfill their credit needs. In the absence of a digital lending app, 43 per cent would borrow from their friends and family, but a significant 29 per cent would delay or forgo the need. Top three parameters customers consider when choosing a digital lending app are loan amount, customer reviews/ratings of the app and ease of use. "Top problems customers face when engaging with a digital lending app are identifying the right app, customer service, understanding terms and conditions," the report mentioned. For the large majority, the need for a loan is urgent and real, and they have had to compulsorily fund it, it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/41-income-taxpayers-yet-to-file-it-return-10-facing-tech-glitches/articleshow/93187624.cms">41% income taxpayers yet to file IT return, 10% facing tech glitches</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pay-dos-and-donts-to-keep-fraudsters-away-in-2022/articleshow/93187599.cms">Google Pay Dos and Don’ts to keep fraudsters away in 2022</a>

You Searched For "digital loan apps" and got 12 results

Thinking of getting a personal loan? Adani group might have something for you

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Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

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Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

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Digital lending platforms see 3x year-on-year rise in disbursals to ₹14,016 crore in Q2 FY23

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Speedy, small loan market sees Muthoot Microfin make an entry

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Personal loans remain the dominant Fintech product, accounting for 96% of the total disbursement volume: Equifax and FACE

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Going to take a digital loan? Read this before you do it

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FM Sitharaman to present Budget on digital device instead of 'bahi-khata'

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Google says it has removed several loan apps in India after RBI takes steps to curb fraud in digital lending

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Google for India – Sachet loans to credit on UPI, tech giant bets on lending

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5 ways how Paytm Super App is championing the digital payments ecosystem in India

Insider Studios

Indians resort to loans from lending apps for emergencies and medical expenses

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