Digital Loans Disbursed Rose 12 Times UP Over 2017-2020: RBI Report
The Reserve Bank of India has reported a twelvefold increase in loan disbursements from 2017 to 2020, driven by digitalization efforts by banks and non-bank finance companies (NBFCs).
According to a working group report by the RBI, loans disbursed in this period rose from Rs 11,671 crore to Rs 1,41,821 crore. The bulk of loans disbursed were personal loans, followed by loans to small and medium enterprises (SMEs).
The report also highlighted the presence of approximately 1,100 lending apps in the country between January 1, 2021, and February 28, 2021.
