The RBI's decision to allow fintechs to access credit bureau has brought cheer among technology companies, with most them offering last mile financing solutions for enterprise as well as retail customers. The move is being seen as a great enabler in expediting decision making by Banks and NBFCs while working with technology companies.
Says Vinay Bagri, Co-founder & CEO, Niyo - neo-banking fintecs, "It's a very progressive move by RBI. It significantly helps customers because Fintechs, like us, are building innovative products to solve for consumer credit and direct access to bureau along with alternate data will further enhance the capabilities of fintechs to innovate and simplify credit offerings."
Gaurav Chopra, Founder & CEO, IndiaLends says that the notification is a positive step for credible players in the market. "We're carefully reviewing the notification along with our partner bureaus, and as a responsible and customer centric service provider, we'll like to comment on the matter once there's absolute clarity on the notification's impact for all stakeholders, including our customers," he states.
Players feel that it would enable and gove a boost to lending by Fintech. Priti Rathi Gupta, Founder, LXME - India's first financial platform for women, "This will be a good boost to Fintech's assessment and ability to lend. However, it's important to note that Fintech's cater to a demography, that may not have a credit score currently, but in the long run as digitisation permeates deep into the country, the credit information will be more widely captured."