Open ICICI
3-in-1 Account
Manage your Savings, Demat and Trading Account conveniently at one place
Manage your Savings, Demat and Trading Account conveniently at one place
News: ONDC (Open Network for Digital Commerce) has launched unsecured digital loans on its platform. The platform claims full process integration including Account Aggregator, Digilocker or Aadhaar, eMandate and Aadhaar eSign which will enable completion of under-writing and disbursement within six minutes. Various lenders including Aditya Birla Finance, DMI Finance and Karnataka Bank have joined the platform with interest from across banks. Going ahead, ONDC plans to introduce GST invoice financing loans by September, 2024.
Views: ONDC platform will be a win-win situation for both lenders and borrowers. While borrowers will be enabled with competitive offers, lenders will benefit from incremental business opportunity with improved efficiency. However, we await the progress and response of the first loan product.
Impact: Neutral