The Reserve Bank of India (RBI) made an announcement regarding its plans to launch its new pilot project for digital lending for a public tech platform meant for 'frictionless credit.’ The platform is being established by the Reserve Bank Innovation Hub (RBIH), a solely-owned central bank subsidiary.
Biz2X, a leading digital lending SaaS platform subsidiary of Biz2Credit, partnered up with TruBoard, a protuberant company in asset performance management, which operates on the Maadhyam platform. The partnership is focused on addressing the increasing worry of Non-Performing Assets (NPAs) in retail and small business loans. It authorizes Maadhyam customers to manage their folders while considerably reducing NPAs competently and working as a substitute for better monetary inclusivity for SMEs.
Author Credits: Abhishek Verma, Hetal Singh
Report ID: 5597
Published Date: Feb 02, 2024
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing penetration of smartphone penetration and adoption of online banking services are the major factors driving the growth of the digital lending platform market.
The market size of digital lending platform is anticipated to attain a CAGR of 27% over the forecast period, i.e., 2024-2036.
The major players in the market are Funding Circle Limited, Biz2X, Razorpay Software Private Limited, Paytm, Fiserv, Inc., Newgen Software, Nucleus Software, Pegasystems Inc., Tavant, and others.
The business process management segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.
The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.