Morning Buzz: PhonePe to launch consumer lending, sales of two-wheeler makers rise, and more
Here are the top business headlines this morning to get your day started
PhonePe to launch consumer lending
PhonePe plans to launch consumer lending by January 2024. Initially it will work as a distributor of loans while it builds its own underwriting capability. The final underwriting will be provided by the regulated entity (bank or NBFC) but PhonePe will provide a robust customer base that can lead to a high approval rate.
(Economic Times)
Prospects of two-wheeler makers rise along with sales
Listed two-wheeler makers have delivered returns of 12-17 percent compared with the 7 percent gain for the BSE Auto Index on account of strong sales in the festive season. This growth has come mainly on the back of domestic demand as exports continue to be sluggish. What is key to watch now is whether this demand sustains over the course of the fourth quarter of FY24.(Business Standard)
RBI steps up scrutiny on digital lending
The RBI is checking to see if the digital lending norms introduced last year are being followed in both letter and spirit. It had been assumed that, since the capping of the 5 percent on the first loss default guarantee, banks and non banks would be more careful in lending. But that has not happened and there has hardly been any moderation in loan growth. Most fintechs are still to implement the guidelines and this has led to some evergreening of loans.Last Updated :
November 27, 23 09:52:23 AM IST