Business Standard

Digital loans

Salesforce starts public sector division; enters digital creditors' market

Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while dig

Salesforce starts public sector division; enters digital creditors' market
Updated On : 19 Jun 2024 | 2:09 PM IST

Digital loans up 49% in FY24 by value, Rs 1.46 trn disbursed: Industry body

Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in financial year 2023-24. According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24. It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations. "The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models," FACE's chief executive Sugandh Saxena said in a statement In the March quarter, companies disbursed 2.69 crore loans worth Rs 40,322 crore at an average ticket size of Rs 13,418. The average ticket size for loans disbursed in FY24 stood at Rs 12,648, as compared to Rs 11,094 in FY23, the data

Digital loans up 49% in FY24 by value, Rs 1.46 trn disbursed: Industry body
Updated On : 18 Jun 2024 | 11:04 PM IST

Personal loans segment sees resurgence post Covid: CRIF-DLAI report

Members of the Digital Lenders Association of India (DLAI) contributed 7.9 per cent and 19.8 per cent to originations value and volume respectively in FY23, it noted

Personal loans segment sees resurgence post Covid: CRIF-DLAI report
Updated On : 22 Jan 2024 | 5:06 PM IST

Lentra to speed up loan processing using AI tech, aims to double business

Lentra integrates AI aims to revolutionise loan disbursement and transform the banking industry with rapid credit decisions, new digital tools

Lentra to speed up loan processing using AI tech, aims to double business
Updated On : 17 Jan 2024 | 4:33 PM IST

Google to add more real-money game apps on Play, charge a service fee

The "expanded RMG support" will be launched in June for developers in India, Mexico, and Brazil, with plans to extend the service to more countries later

Google to add more real-money game apps on Play, charge a service fee
Updated On : 13 Jan 2024 | 12:00 AM IST

Backed by Jio Platforms, ZestMoney founders launch new venture SwiffyLabs

The goal of their new venture is to help financial institutions launch new-age products and leverage AI and Digital Public Infrastructure (DPI)

Backed by Jio Platforms, ZestMoney founders launch new venture SwiffyLabs
Updated On : 09 Jan 2024 | 11:51 PM IST

The pros and cons of digital loan apps

Are the borrowers getting into a debt trap, without understanding the risks? Digital lending is still a grey area

The pros and cons of digital loan apps
Updated On : 07 Jan 2024 | 7:20 PM IST

Brookfield-backed Indostar Capital sells stressed SME loans worth Rs 292 cr

NBFC says in filing it is making efforts to sell nearly 50% of its stressed assets

Brookfield-backed Indostar Capital sells stressed SME loans worth Rs 292 cr
Updated On : 01 Jan 2024 | 2:53 PM IST

Only 18% digital loan borrowers understand data privacy rules: Study

60% of them are worried about how personal data is collected and used by lending apps

Only 18% digital loan borrowers understand data privacy rules: Study
Updated On : 20 Dec 2023 | 11:22 PM IST

SC tells Centre to frame guidelines for search, seizure of e-devices

A Bench of Justices Sanjay Kishan Kaul and Sudhanshu Dhulia on Thursday expressed concern over delay in framing guidelines from 2021

SC tells Centre to frame guidelines for search, seizure of e-devices
Updated On : 14 Dec 2023 | 7:45 PM IST

Hike in risk weights to affect banks' CAR by 60 basis points: S&P Ratings

The lending poses a risk for incremental nonperforming loans (NPLs). The increase in risk weights by the RBI is a prudent step, it said

Hike in risk weights to affect banks' CAR by 60 basis points: S&P Ratings
Updated On : 17 Nov 2023 | 11:17 PM IST

Digital disruptor brands likely to reach $10 billion by FY28: Report

Consumer demand for innovation and digital-first brands fuels this trend

Digital disruptor brands likely to reach $10 billion by FY28: Report
Updated On : 06 Sep 2023 | 12:21 PM IST

Geojit Credits launches digital loan against mutual fund holdings

Geojit Credits, a non-banking financial company (NBFC), on Monday announced the launch of Loan Against Mutual Fund (LAMF). Under the scheme, the investors can avail loans starting from Rs 10,000 in digital mode. A LAMF allows investors to raise instant funds at attractive interest rates for their short-term liquidity requirements by keeping their mutual fund investments as collateral. "Our newest product, digital Loan Against Mutual Fund will be of great help to investors who can avail loans at competitive rates and not redeem their MF investments, which is part of their long-term wealth creation and investment plan," Bejoy Anthraper, Business Head of Geojit Credits, said. Geojit Credits is a subsidiary of Kochi-based Geojit Financial Services.

Geojit Credits launches digital loan against mutual fund holdings
Updated On : 03 Apr 2023 | 6:46 PM IST

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

Bad guys may re-enter digital lending in India despite govt ban: Experts
Updated On : 15 Feb 2023 | 11:53 PM IST

Fintech lenders align business model with RBI's digital lending norms

The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category

Fintech lenders align business model with RBI's digital lending norms
Updated On : 30 Nov 2022 | 9:09 PM IST

Subprime borrowers must keep credit utilisation ratio under check

They must also avoid applying for too many loans within a short span

Subprime borrowers must keep credit utilisation ratio under check
Updated On : 25 Oct 2022 | 5:21 PM IST

Applying for a digital loan? Stick to loan apps on RBI's white list

The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website

Applying for a digital loan? Stick to loan apps on RBI's white list
Updated On : 24 Sep 2022 | 12:06 AM IST

Explained: What are RBI's new norms for digital lending in India?

Digital lending involves giving and recovering loans through web platforms or mobile apps. Here are the new regulations and why they have been introduced

Explained: What are RBI's new norms for digital lending in India?
Updated On : 19 Aug 2022 | 8:10 PM IST

ICAI probing chartered accountants for role in helping Chinese loan apps

Indian CAs are accused of not conducting due diligence before signing several statutory documents for several Chinese loan apps

ICAI probing chartered accountants for role in helping Chinese loan apps
Updated On : 19 Aug 2022 | 9:36 AM IST