India looks to spread financial services via mobile app, quick loans portal

Monday, October 1, 2018

The Indian government has launched a web portal, a mobile application and a financial inclusion index in order to bring the country’s unbanked under the ambit of financial services industry.

Aimed at supporting the medium, small and micro enterprises, the web portal gives access to pre-approved loans of up to Rs 1 billion within 59 minutes from state-run lenders.  “The portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in-principle approval, the loan will be disbursed in 7-8 working days,” the finance ministry said in a release.

Photo courtesy of Meena Kadri.

Source: IBS Journal (link opens in a new window)

financial inclusion, microfinance, MSMEs