2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which Indian bank is set to fully digitise its lending operations including home, agriculture, Micro, Small and Medium Enterprises, personal and auto loans?
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Bank of India
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Indian Bank
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Bank of Baroda
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Punjab and Sind Bank
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Explanation:
Detailed explanation-1: -In India, digital banking started taking shape in the late 1990s with ICICI Bank being the first one to bring the service to their retail clients.
Detailed explanation-2: -Digital lending involves giving and recovering loans through web platforms or mobile apps. It facilitates speedy disbursal and helps lower costs. Lending Service Providers (LSPs) operate in collaboration with Non-Banking Financial Companies (NBFCs) who disburse credit to customers using the former’s platform.
Detailed explanation-3: -SIDBI is the Primary Financial Institution for promoting, developing and financing MSME (Micro, Small and Medium Enterprise) sector.
There is 1 question to complete.