Several representative bodies have expressed interest in obtaining SRO licences, seeking to actively contribute to the regulatory framework.

The Controller General of Defence Accounts (CGDA) has raised concerns about two loan apps, CASHe and Toop, citing potential security risks. The CGDA alleges that these apps could be exploited by foreign agents to extract sensitive information, such as contact details, from the mobile devices of defence personnel.

The Controller General of Defence Accounts (CGDA) has reportedly expressed concerns about security risks associated with two loan apps, CASHe and Toop , which it alleges could be exploited by foreign agents to obtain sensitive information from the mobile devices of defence personnel.

The diversity among business models in the fintech industry makes it necessary to have a multiple self-regulatory organisation(SRO) structures, say experts. “We expect more innovative business models and players to join the fintech segment, going ahead.

Major Digital Lending Associations Said They Are Addressing The Challenge Of Encouraging Membership In Organisations By Providing A Range Of Resources

The Reserve Bank of India (RBI) on Monday called upon fintech companies to build a consensus around the membership criteria of the proposed self-regulatory organisation (SRO) and whether the sector should have a singular or multiple SROs. The central bank has issued draft guidelines on fintech SRO and has sought public feedback by February.

The Reserve Bank of India on January 15 in its draft norms said Self-Regulatory Organisations for the fintech sector should be independent from influence, development-oriented, and legitimate arbiters of disputes.

Fintech majors PhonePe, Groww, and others are gearing up to tap into the unsecured loan marketplace with consumer durable lending products.

For Razorpay and Cashfree, Christmas came a week early, as after a year of being under embargo from the RBI, which halted new merchant onboarding, the startups finally managed to restart business.

A deeper dive into the disbursement values reveals that eight companies disbursed loans worth over Rs 5,000 crore, accounting for 78% of the total loan value in FY 24. Despite this, the growth in loan value for this category declined from 138% YoY in FY 23 to 53% YoY in FY 24. This decline indicates a more cautious approach by lenders towards high-value loans.

A fortnight after the Reserve Bank of India (RBI) made public its ‘Framework for self-regulatory organisation(s) for fintechs (SRO-FTs)’, the first signs of change in the way the sector looks at itself are upon us.

The RBI's new framework marks a significant step towards self-regulation and maturity in the fintech sector, paving the way for sustainable growth and innovation.

There's stagnant income for many low-income earners, but a surprising rise in worker satisfaction with salaries. Inflation is a concern, particularly for food prices, but the gov is taking steps to streamline labor codes & focus on green infra-projects.

Commenting on the tenth edition of FACETS, Sugandh Saxena, CEO at FACE, said, “The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models.

The trend of people towards digital loans has increased rapidly in the country. The latest figures are a testimony to this.

digital loan: Fintech Association for Consumer Empowerment (FACE), an industry body, on Tuesday, June 18, said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in the financial year 2023-24.

Get latest articles and stories on Latest News at LatestLY. 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.

The trend of people towards digital loans has increased rapidly in the country. The latest figures are a testimony to this. 37 member units providing digital loans gave loans worth Rs 1.46 lakh crore in the financial year 2023-24 and it has registered a growth of 49 percent on an annual basis.

Digital loan take-up surges, ₹ 1.46 lakh crore loan disbursed in FY2023-24

The Reserve Bank of India (RBI) recently introduced “Framework for Self-Regulatory Organisation(s) for Fintechs (SRO-FTs)” with an aim to foster self-regulation, ensuring that fintech companies operate under stringent governance and industry standards.

In the middle of increasing scrutiny over digital lending practices, the Fintech Association for Consumer Empowerment (FACE) has reported a significant surge in loan disbursements by its members for the financial year 2023-24.

Mumbai: 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.

Digital lending, an industry body has reported a 49% surge in disbursements by its 37 member entities, reaching US$ 17.53 billion (Rs.1.46 lakh crore) in the financial year 2023-24.

Amid growing scrutiny over digital lending practices, the Fintech Association for Consumer Empowerment (FACE) revealed a significant surge in loan disbursements by its members for the financial year 2023-24. The association, which comprises 37 digital lending entities, reported a 49% increase in disbursements, amounting to Rs 1.46 lakh crore. This growth is accompanied by a 35% rise in the number of loans disbursed, crossing the 10 crore mark in FY24.

-The latest issue of FACETS report from FACE, an industry body, tracks digital loans for FY 23-24, highlighting the fintech lending sector’s key role in expanding formal credit

The digital lending industry saw a 49% increase in disbursements, reaching Rs 1.46 lakh crore in FY 2023-24. Loans disbursed grew by 35% to over 10 crore. Regulatory concerns by the Reserve Bank persist, but industry leaders emphasize customer-centricity and compliance.

The Fintech Association for Consumer Empowerment reported a 49% increase in loan disbursements by its 37 member companies, totaling Rs 1.46 lakh crore in the fiscal year 2023-24. The number of loans issued grew by 35%, exceeding 10 crore.

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The value of loan disbursements by fintech firms rose 49% year-on-year (y-o-y) to `1.5 trillion in 2023-24 (April-March), the latest report from the Fintech Association for Consumer Empowerment (FACE) showed on Tuesday.

A recent report by Fintech Association for Consumer Empowerment highlighted that over 10 crore loans has been disbursed in the previous financial year, with a jump of 35 per cent in volume and 49 per cent in value, in FY24.

Fintech companies disbursed 10 crore loans during the fiscal year 23-24, an increase of 35% compared to a year ago (Fintech Association for Consumer Empowerment) FACE said.

The Reserve Bank of India has been taking actions on some of the practices adopted by such lenders for some time and has also formulated draft guidelines for their operations. In FY24, the average ticket size for loans disbursement stood at Rs 12,648, as compared to Rs 11,094 the previous fiscal yeat, the data shared by the industry body revealed.

The trend of people towards digital loans has increased rapidly in the country. The latest figures are a testimony to this. 37 member units providing digital loans gave loans worth Rs 1.46 lakh crore in the financial year 2023-24 and it has registered a growth of 49 percent on an annual basis.

Fintech and digital lending firms in India have processed and sanctioned over 10 crore loans and carried out disbursements of ₹1,46,517 crore during FY23-24, the Fintech Association for Consumer Empowerment (FACE) said on Tuesday.

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 trillion in financial year 2023-24.

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.

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.

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.

Fintech and digital lending firms in India have processed and sanctioned over 10 crore loans and carried out disbursements of ₹1,46,517 crore during FY23-24, the Fintech Association for Consumer Empowerment (FACE) said on Tuesday.

Fintech lenders have a dominant share of the sub-Rs 1 lakh loan market, both in terms of number of loans and the amount disbursed, but will need to keep an eye on sustainability going forward, a report released by credit bureau Experian and Digital Lenders’ Association of India has found.

With the Reserve Bank of India(RBI) leaving the door open for multiple self-regulatory organisations(SRO), several entities are looking to seek approval for ‘SRO’ license in fintech industry.

Delinquency rates for India’s digital lending industry fell 50 basis points to 4.2% in FY23, according to a report by Fintech Association For Consumer Empowerment (FACE) and credit rating agency Equifax...

Fintech lending companies defied layoff trends and increased their total number of employees from 10,779 in FY21-22 to 15,326 in FY22-23, an increase of 42 percent....

Fintech lenders' disbursements grew two and half times year-on year (YoY) to Rs 92,848 crore in the financial year ended March 2023 (FY23), reflecting strong demand amid economic growth.....

The digital lending sector saw decent growth in the fourth quarter of the last financial year after a slump in the previous quarter...

Domestic digital lenders disbursed loans worth Rs 18,537 crore in Q3 of FY23...

Domestic digital lenders disbursed loans valued at ₹18,537 crore in Q3 of FY23, registering a growth of 118% YoY as against ₹8,520 crore in the same period a year ago...

Despite facing regulatory challenges, fintech lenders continue to expand the credit penetration with loan disbursements growing more than 60% in one year....

Fintech Association for Consumer Empowerment (FACE) the industry body of fintech lenders...

The Fintech Association for Consumer Empowerment (FACE), an industry body of fintech lenders, has voiced its support for the Indian government's efforts to ban predatory lending apps...

To systematically identify and assess the risks in the fintech industry, Fintech Association for Consumer Empowerment (FACE)...

Disbursement by digital landing platforms more than tripled during Q2FY23 to Rs. 14,016 crore...

Credit and finance for MSMEs: The average ticket size at an aggregated level stood at Rs 12,368 with marginal changes during Q2 in comparison to Rs 12,451 during Q1 and Rs 11,815 during Q2 last fiscal...

In Q2 FY 21-22, the total value of loans disbursed by digital lending platforms amounted to ₹4,435 crore while a year later in Q2 FY 22-23, it increased to ₹14,016 crore....

Borrowers are now looking at FinTech lending apps to manage their credit needs...

Financial technology or fintech lending companies doubled disbursements in the financial year 2021-22, giving a total of 2.66 crore loans worth ₹18,000 crore, according to a report by Fintech Association for Consumer Empowerment (FACE)....

Fintech Association for Consumer Empowerment (Face), a body of digital lenders on Thursday said it has applied to the Reserve Bank of India (RBI) to take on the role of a self-regulatory organization (SRO) in the digital lending industry...

Recent recommendations of a Reserve Bank of India (RBI)-appointed internal working group on digital lending, if accepted...

Starting this October, your online subscription payments might not go through. This is because of RBI’s guideline on recurring payments, according...

There are certain myths and apprehensions about the use of digital lending platforms in India. Let’s look at some of these myths that stand debunked so that borrowers can make an informed decision...

Financial technology (fintech) companies disbursed 22.2 million loans in the first quarter of Financial Year 2023-24 (Q1 FY24), growing 30.6 per cent year-on-year (YoY), said an industry association on Monday...

As a whole, about 2% of loans were disbursed using the AA framework, the report said, adding that it is an encouraging beginning considering that the AA ecosystem has progressed in recent months....

Digital loans to customers in Tier-3 cities accounted for 40 per cent of the total digital lending disbursements in FY23, followed by Tier-2 cities comprising 35 per cent loans and Tier-1 cities the remaining 25 per cent...

Consolidating growth in digital lending, fintech players disbursed loans worth Rs 92,267 crore in the year ended March 2023, showing a 21 per cent year-on-year (Y-o-Y) increase over FY22...