It’s no doubt that Digital Lending Apps have taken the financial world by storm. They have changed the very ecosystem of borrowing and stand out by offering unprecedented convenience and accessibility to users. But to every wonderful phenomenon, there will be a flip side. And digital lending is no exception. In FY 2023, banking fraud amounted to INR 300 million, of which 96% of the money is attributed to fraudsters receiving loans with the help of forged/ synthetic identities. And this is just one side of the coin. There are also multiple fraudulent loan apps in digital lending scamming comm ..read more

A family in need of an emergency fund to cover their medical expenses, a farmer requiring capital to purchase seeds for the season, a student hoping to pay for their education abroad, or an entrepreneur who thinks to expand his small business. What do they do to get that emergency fund? What do they all have in common? – Gold! For decades and centuries, in India gold has been more than just a symbol of status, it has also been a lifeline! According to a 2023 survey by the World Gold Council, Indian households have accumulated up to 25,000 tonnes of gold, thereby retaining the tag of the worl ..read more

“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”  With multiple Java developer opportunities in Chennai, it’s no wonder that you’re eager to dive into the vibrant tech space. But today’s dynamics of Java developers face a myriad of challenges from keeping up with the rapid pace of technological developments to exceeding the client’s expectations. Search terms like “Java developer jobs” and “Java developer fresher jobs” flood job portals, indicating a robust yet competitive market. But, what’s the reality? From lon ..read more

With more than 1.4 billion in India, nearly 63% of the population still live in rural areas, with a significant part remaining unaware of formal financial services. Even today the LIG (Low-Income Group), the EWS (Economically Weaker Sections) categories, the priority sector (including agriculture, the micro, small, and medium enterprise (MSME) segment), and other critical sectors are finding it difficult to access the liquidity required for their daily working capital needs.  The people in these segments contribute majorly to India’s economic growth so making financial services availabl ..read more

Overview There has been exponential growth in the digital lending industry, with many innovations driving the sector to produce many new financial products and services into the market. And with these products and services gaining popularity, regulatory bodies such as the RBI and Google Play Store are constantly monitoring them to ensure they are efficient and in the best interests of consumers. Hence, recent regulations have been introduced in the digital lending sector. We had industry experts from CloudBankin give us a glimpse of how the guidelines impacted the overall industry in our rec ..read more

Introduction: Indian Lending Ecosystem and Importance of Data and AI The lending landscape in India is diverse and multifaceted, encompassing a variety of platforms and institutions. These include traditional banks, platforms catering to Small and Medium Enterprises (SMEs), consumer-focused lending platforms, retail card providers, platforms with a focus on financial inclusion, and peer-to-peer lending platforms. Within this landscape, the role of data and Artificial Intelligence (AI) is pivotal in shaping decision-making tools for lenders using a comprehensive digital lending software to str ..read more

In this blog, we will unravel the mystery of data submission for credit reporting by financial institutions. Think of it as our way of making this topic as exciting as finding extra fries at the bottom of your takeout bag! In today’s lightning-fast world, getting your credit data right is a bit like using the perfect emoji – it speaks volumes. This isn’t just about credit scores; it’s the secret sauce behind digital lending software and your trusty loan management system. We’ll be your trusty guide, showing you how to waltz through the world of data submission. Banks, NBFCs, and other financ ..read more

Significance of Each Segment in the Uniform Credit Reporting Format Consumer Borrowers Header Why: To ensure each report is traceable, timely, and categorized appropriately. Benefit: Offers a quick overview and ensures the authenticity and timeliness of the report. Name Why: To capture the full legal name of the borrower for accurate identification. Benefit: Ensures accurate identification and reduces the risk of fraud. ID Why: To provide multiple methods of verifying the borrower’s identity. Benefit: Enhances security and ensures the borrower’s authenticity. Telephone Why: To establis ..read more

Credit Reporting Format For Financial Institutions By The RBI Let’s decode the RBI’s credit reporting format for financial institutions. It acts as a beacon for financial entities, ensuring data integrity and streamlined operations. Access the complete documentation from here. Credit Reporting Format For Consumer Borrowers (Image Credit: Equifax) What’s Segments Are Included? 1. Header Reporting Member / Processor User ID: This field likely identifies the unique ID of the reporting member or the processor user. It ensures that the data is traceable back to the source. Reporting Member / Proc ..read more

Key Players: Financial Institutions in Credit Reporting Banking Companies: These are the big shots like the State Bank of India, your friendly neighbourhood banks, cooperative banks, and the nationalized ones. They’re the trusted pillars of financial stability. Non-Banking Finance Companies (NBFCs): Picture them as the cousins of banks. They offer similar financial services but don’t have that official banking license. They’re like your go-to for financial help when you need it most. Public Financial Institutions: Think of them as the referee in the financial game. They’re recognized and reg ..read more