The lending business has also been influenced by digitisation. A riveting evolution of digitisation across the lending landscape in India over the past few years can be attributed to increasing internet penetration, amplified smartphone usage, emergence of advanced technologies, a favourable regulatory environment, and rising customer expectations, especially after the onset of the pandemic.
With the advent of diversified fintech players and digital lending models, the number of loans disbursed via digital went up by nearly 12 times by the end of 2020. Private banks and NBFCs play a major role in the new lending ecosystem and accounted for 55 per cent and 30 per cent of loans disbursed through digital channels, respectively, in 2020. Though private banks have a major share in digital lending, NBFCs have a higher proportion of lending via digital mode (>10 per cent) as compared to banks (~0.2-0.3 per cent), according to the Reserve Bank of India’s (RBI) Report of the Working Group on digital lending, including lending through online platforms and mobile apps.
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