CURRENT AFFAIRS

Detailed explanation-1: -ICICI Bank has launched a new digital-lending platform called ‘iLens’, which is developed by Tata Consultancy Services (TCS). iLens digitises the entire lending process for borrowers, from loan application to credit disbursement.

Detailed explanation-2: -Digital lending platform enables borrowers and lenders to lend money through paperless or electronic means, offering ease of use, enhanced consumer experience, and reduced overhead through customer verification time savings.

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: -Digital lending is one of the fastest-growing fintech segments in India and grew exponentially from nine billion U.S. dollars in 2012 to nearly 150 billion dollars in 2020. It was expected that the digital lending market would reach a value of around 350 billion dollars by 2023.

Detailed explanation-5: -Digital Lending: A remote and automated lending process, largely by use of seamless digital technologies for customer acquisition, credit assessment, loan approval, disbursement, recovery, and associated customer service.