Mumbai. Digital lenders have disbursed 2.64 crore loans worth Rs 37,676 crore in the first quarter of FY 202425. It has seen an increase of 15 per cent in volume and 27 per cent in value on an annual basis.
According to data released by the Fintech Association for Consumer Empowerment (FACE), the average loan ticket size stood at Rs 12,997 in the June quarter of FY 202425. There was a growth of 16 per cent yearonyear as compared to the first quarter of FY 202324.
Data shows that demand for digital credit remains strong. Financial inclusion plays a big role in this.
Sugandha Saxena, CEO, FACE, said, “The member companies have met the credit needs of the customers through consumer guidelines and prudent risk management and have been successful in earning the trust of the customers and all stakeholders.”
The report said that during the AprilJune period, 11 companies have disbursed more than 5 lakh loans. Their share in the total volume has been 93 percent.
In the first quarter of the current financial year, about 55 percent of the companies have seen an increase in volume on a yearly basis. At the same time, 80 percent of the companies have seen an increase in value during this period.
Of the 33 companies covered in the report, 27 companies had assets under management (AUM) of Rs 47,362 crore as of June 2024, which is 80 per cent of the total value of loans disbursed.
Out of these 27 companies, 10 have AUM of more than Rs 1,000 crore. Five have AUM of Rs 500 to Rs 1,000 crore, five have AUM of Rs 100 to Rs 500 crore and seven have AUM of less than Rs 100 crore.
FACE is a selfregulatory organization recognized by the Reserve Bank of India in the FinTech sector.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.