Contact Your Financial Adviser Money Making MC
23
February 2017
The
National Payments Corporation of India (NPCI) on Wednesday said that it has
started a pilot project to digitise transactions of micro finance institutions
(MFIs). The Total Investment &
Insurance Solutions
"Potential
of such a system in MFI sector itself for digitisation of payments is as high
as 80 million annual disbursements and over 900 million repayment
transactions," NPCI Managing Director and CEO A.P. Hota was quoted as
saying in a statement. The Total
Investment & Insurance Solutions
According
to the retail payments umbrella organisation, under the new initiative, RBL
Bank has been manadated to disburse loans, while HDFC Bank will receive the
repayments. The Total Investment &
Insurance Solutions
Currently,
there are 268 MFIs catering to over 40 million low income customers with an
outstanding portfolio of Rs 53,500 crore and repayment rate of over 99 per
cent.The Total Investment &
Insurance Solutions
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