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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Complaints abound of the startup’s digital wallet users claiming they were assigned a credit line without signing up for it. Who’s to blame?
Editor's note: H, a banker of 12 years, had carefully curated his credit profile with just one credit card and no other ongoing personal liabilities to get the best deals for a loan when he would eventually purchase his dream home. However, on 7 March, he got an email from the government’s Central Know Your Customer Registry stating that his KYC record had been updated by IDFC First Bank. He glanced through the email and ignored it at first. But curiosity, and a nagging feeling that something was wrong, made him go back and read it again. He had not banked with IDFC First Bank ever, so why then would the bank tinker with his CKYC record? On checking his credit report, he got a shock when he saw an active personal loan of Rs 3,000 since September 2021 issued by IDFC First Bank. “My reaction was that this was an obvious error,” he says. He wrote a letter to the bank’s redressal officer. While waiting for a response, he started thinking about any potential action that could have unknowingly triggered a …
Complaints abound of the startup’s digital wallet users claiming they were assigned a credit line without signing up for it. Who’s to blame?
Editor's note: H, a banker of 12 years, had carefully curated his credit profile with just one credit card and no other ongoing personal liabilities to get the best deals for a loan when he would eventually purchase his dream home. However, on 7 March, he got an email from the government’s Central Know Your Customer Registry stating that his KYC record had been updated by IDFC First Bank. He glanced through the email and ignored it at first. But curiosity, and a nagging feeling that something was wrong, made him go back and read it again. He had not banked with IDFC First Bank ever, so why then would the bank tinker with his CKYC record? On checking his credit report, he got a shock when he saw an active personal loan of Rs 3,000 since September 2021 issued by IDFC First Bank. “My reaction was that this was an obvious error,” he says. He wrote a letter to the bank’s redressal officer. While waiting for a response, he started thinking about any potential action that could have unknowingly triggered a …
Etihad Credit Bureau will now be incorporating buy now, pay later data from two of the largest fintechs in the Mideast in credit reports.
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
Etihad Credit Bureau will now be incorporating buy now, pay later data from two of the largest fintechs in the Mideast in credit reports.
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
