Indian Economy News

Loans disbursed digitally rose 12-fold between 2017-20: RBI panel report

  • IBEF
  • March 31, 2023

According to a report by Reserve Bank of India (RBI) panel, the number of loans disbursed by banks and non-bank finance firms (NBFCs) using digital technology increased by 12 times between 2017 and 2020.

According to the conclusions of a working group formed by the RBI, the quantum of loans disbursed increased 12-fold between 2017 and 2020, from US$ 1.42 billion (Rs 11,671 crore) to US$ 17.26 billion (Rs 1,41,821 crore).

The majority of loans made by these firms were personal loans, followed by loans to small and medium-sized businesses (SMEs).

According to the report, there were roughly 1,100 loan applications in the country between January 1, 2021 and February 28, 2021.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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