Digital lending records sharp rise in India; advances up 200% in Q2: FACE

ENA Sectors 2022-11-29 07:57:24 New Delhi, Nov 29 (KNN) According to a report by the Fintech Association for Consumer Empowerment (FACE), during second quarter (July-September) of FY23 Indias digital lending market saw a sharp growth with regards to number of loans and the amount disbursed as compared to the year-ago period, reported Financial Express. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> As per the data sourced from FACE members, the report noted 149 per cent growth in loans disbursed from 65.56 lakhs during Q2 FY22 to 162.95 lakh during Q2 FY23. FACE is a representative body of 21 fintech lenders offering personal as well as business loans including credit to small businesses. During the same period, the amount disbursed jumped 216 per cent from Rs 4,435 crore to Rs 14,016 crore. The credit expansion witnessed this quarter demonstrates that the fintech industry is seizing unmatched opportunities to contribute to financial inclusion and an inclusive economy, said Sugandh Saxena, CEO, FACE. Saxena credited the implementation of the RBIs Digital Lending that brings tailwinds for the industry as it sets clear rules and standards, boosting the confidence of the customers, fintech lenders and other market participants, the CEO added. Quarter-on-quarter, the volume and value of loans increased by 21 per cent and 24 per cent respectively. Amounting to Rs 11,296 crore, 135.13 lakh loans during Q1 FY23 were disbursed, said the report. (KNN Bureau) 31364 https://knnindia.co.in/news/newsdetails/sectors/digital-lending-records-sharp-rise-in-india-advances-up-200-in-q2-face 2022-11-29 07:57:24 knnindia.co.in Digital lending records sharp rise in India; advances up 200% in Q2: FACE