Credit Reporting Format For Financial Institutions By The RBI Let’s decode the RBI’s credit reporting format for financial institutions. It acts as a beacon for financial entities, ensuring data integrity and streamlined operations. Access the complete documentation from here. Credit...
In India’s financial landscape, Non-Banking Financial Companies (NBFCs) hold a pivotal position, weaving a web of crucial services that fuel the economy. These institutions, responsible for extending credit, facilitating investments, and offering insurance, cater to diverse sectors. Nonetheless, like their...
Overview This article explores the unique compliance requirements that distinguish digital lending for NBFCs. It covers the guidelines applicable to Digital Lending Apps, encompassing regulated entities, lending service providers and financial institutions. Authorization is restricted to RBI-regulated entities or those...
Introduction Compliance filings are an essential part of the regulatory framework for Non-Banking Financial Companies (NBFCs) in India. This article provides an overview of the various types of NBFC compliance filings, including Credit Information Companies (CIC) Reporting, NESL Filings, FIU-IND...
Overview Regulatory compliance for Non-Banking Financial Companies (NBFCs) has undergone significant changes, with a focus on NBFCs categorized as NBFC-ND with assets under management (AUM) below ₹100 crore. The regulatory framework for NBFCs has been upgraded, and a new regulatory...
Overview Delve into the realm of financial compliance for Non-Banking Financial Companies as we embark on a journey to safeguard stability and integrity. With the Reserve Bank of India (RBI) setting regulatory standards, adhering to financial compliances becomes paramount for...
After smartphone penetration, people are not watching their SMS at all. They use SMS only for OTP related transactions. That’s it.
But What can a Lender see in your SMS after you consent to them?
Lender can see income, expenses, and any other Fixed Obligation like (EMIs/Credit Card).
1) Income – Parameters like Average Salary Credited, Stable Monthly inflows like Rent
2) Expenses – Average monthly debit card transactions, UPI Transactions, Monthly ATM Withdrawal Amount etc
3) Fixed Obligations – Loan payments have been made for the past few months, Credit card transactions.
It also tells the Lender the adverse incidents like
1) Missed Loan payments
2) Cheque bounces
3) Missed Bill Payments like EB, LPG gas bills.
4) POS transaction declines due to insufficient funds.
A massive chunk of data is available in our SMS (more than 700 data points), which helps Lender to make a credit decision.
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