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21
February 2017
 |
The Reserve Bank of India (RBI) (The Total Investment & Insurance
Solutions)
The
Reserve Bank of India (RBI) on Monday said the traditional banks needed to
evolve into new-age digital banks to remain operational as financial technology
(FinTech) lending companies were emerging fast as alternative source for the
micro-small medium enterprises (MSMEs). The
Total Investment & Insurance Solutions
"The
age of FinTech is here and for the incumbent banks there is no time to lose.
The banks that do not quickly convert in to a new-age digital bank run the risk
of becoming history," RBI Deputy Governor S.S. Mundra said. The Total Investment & Insurance Solutions
He
was addressing the inaugural NAMCABS (National Mission for Capacity Building of
Bankers for financing MSME Sector) seminar organised by College of Agricultural
Banking here. The Total Investment & Insurance Solutions
"FinTech
lending companies and the market place based lending, thus, have an underlying
potential to emerge as an alternative source of finance for the small
businesses," Mundra said.
He
said that the banks must view the success of FinTech ecosystem as an
opportunity and not as a threat. The Total
Investment & Insurance Solutions
"The
FinTech companies have leveraged on growing technological advances and
pervasiveness of smartphones and have targeted niches in small and medium
enterprise (SME) lending to bridge the funding gap for small businesses with
innovative and flexible credit products," he added. The Total Investment & Insurance Solutions
Potentially,
the MSME borrowers can apply online in minutes, select desired repayment terms
and receive funds in their bank accounts within 2-3 days with minimal hassle,
Mundra said.
"There
are few documentation requirements, very quick turnaround time and flexible
loan sizes and tenors," he said. The Total
Investment & Insurance Solutions
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