Digital loans up 49% in FY24 by value, Rs 1.46 trn disbursed: Industry body
Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 lakh crore in financial year 2023-24.
According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24.
It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations.
"The digital lending sector is responsibly driving ahead with a sharp focus on customer-centricity, compliance, risk management and sustainable business models," FACE's chief executive Sugandh Saxena said in a statement
In the March quarter, companies disbursed 2.69 crore loans worth Rs 40,322 crore at an average ticket size of Rs 13,418. The average ticket size for loans disbursed in FY24 stood at Rs 12,648, as compared to Rs 11,094 in FY23, the data