India aims to copy China, but not in lending-by-app craze

The RBI wants to strike a better balance between the ability of digital lending to democratize credit and its potential to suck people into a debt trap. The typical fixed cost of originating, servicing and collecting a loan is Rs 5,000 for banks; for online platforms it’s a few hundred rupees.

from Banking/Finance-Industry-Economic Times https://ift.tt/Tx7mshl