CURRENT AFFAIRS

Detailed explanation-1: -BENGALURU: Online lending marketplace Paisabazaar has launched a new feature by the name of ‘Chance of Approval’ on its website which will help its loan applicants chose the most suited lender on the platform.

Detailed explanation-2: -Business growth in the sector is marked by the success of digital lending companies like Lendingkart, InCred, Mobikwik, and Aye Finance. Millennials and Gen Z are also increasingly embracing the idea of micro-credit and purchase buy now pay later services.

Detailed explanation-3: -Digital Lending Apps (DLAs) refer to mobile and web-based applications with user interface that facilitate borrowing by a borrower from a digital lender. DLAs will include apps of REs as well as operated by LSPs which are engaged by REs for extension of any credit facilitation services.

Detailed explanation-4: -Bank lend for short periods only because they lend public money which can be withdrawn at any time by depositors. They, therefore, advance loans on the security of such assets which are easily marketable and convertible into cash at a short notice.

Detailed explanation-5: -When a lender gives money to an individual or entity with a certain guarantee or based on trust that the recipient will repay the borrowed money with certain added benefits, such as an interest rate, the process is called lending or taking a loan.