Thursday
February 23
2017

Bharat Financial begins Aadhaar-based cashless loan disbursal in India

Bharat Financial has commenced national roll-out of the process beginning with loans to members of joint liability groups in this village, which is about 60 km from Jaipur.

“This is based on a pilot we conducted in Odisha during September-December 2016. The complete roll-out across all our locations in the country will be over by June 2017,” KV Rao, Chief Operating Officer, Bharat Financial Inclusion, told BusinessLine.

This is expected to benefit 66 lakh MUDRA loan beneficiaries nationally. The new process is based on adoption of digital technology with combined use of a tablet and dongle by loan officers for applicants with Aadhaar cards. After Aadhaar-based verification of identity, e-KYC norms and eligibility of the applicant, including credit bureau data, the loan was processed and transferred instantly to Guddi Devi’s bank account.

Source: Hindu Business Line (link opens in a new window)

Categories
Technology
Tags
cashless, financial inclusion, microfinance, microloan