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Digital lending ecosystem can learn from microfinance’s brush with RBI

Digital lending’s rapid growth led to questionable practices, forcing the RBI to lay down norms. They may be disruptive but the MFI sector’s experience shows it can be beneficial in the long run 

March 17, 2023 / 10:20 AM IST
Digital lending ecosystem can learn from microfinance’s brush with RBI

Representative Image (Illustration by Suneesh K.)

India’s largest pure play microfinance lender CreditAccess Grameen has added over 3.7 lakh new borrowers so far in the March quarter, surpassing the figure of 3 lakh new clients in the preceding three months. Its assets under management also crossed the milestone of Rs 20,000 crore. In a regulatory filing Tuesday, the lender said it has been seeing robust business momentum since June, after being at the forefront of adhering to the Reserve Bank of India’s revised microfinance guidelines. The revised...

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