Time has seen society and its institutions evolve. Arguably, one of the most important institutions that have witnessed revolution is lending and banking. From merchants who gave grain loans to farmers to 14th-century Italian oligarchs who created some of the first banks as we know it—the world of money and its transactions has changed. Decades […]
Towards a New Digital Empowerment: An OCEN of Possibilities
With the potential to disrupt the traditional lending landscape, OCEN is an ocean of possibilities. OCEN is what we would call – financial inclusion in an absolute sense. It aims to render the objective of delivering credit to small businesses. MSMEs of India are credit deprived, which poses a challenge for the growth-led economy we […]
Your Guide to OCEN and How It Is Disrupting India’s Lending Industry
OCEN, or Open Credit Enablement Network, is a framework and protocol introduced by Nandan Nilekani in July 2020 as part of IndiaStack. India’s lending industry can still be considered in its nascent stage. Banks and NBFCs essentially only lend to the organised sector and large corporations. This has caused a large swath of India’s small […]
Top Four Reasons to Be Ethical to Solve Problems of Microfinance
In the industrial economy of the 80s, microfinance emerged as an option to eradicate poverty. But due to high volumes and profitability, it has become heavily commercialised. The higher interest rates and over-indebtedness have led to a high suicide rate among borrowers. Which raises the question, “is it fair to maximize profits from the poor”. […]
What Is the Main Purpose of the Top Credit Bureaus in India?
The desire to own valuable assets and track debtors have persevered for millennia, and credit lines continue to play a decisive role in the health of economies. For instance, consumer credit has existed since the days of ancient Babylon. Today, as the Information Age progresses, credit has evolved to fit seamlessly into the financial fabric […]
Beware of the Fraudsters: How to Detect Document and Identity Fraud
In a world of biometrics, smart cards and digital security, is identity theft a setback? Lost passport, Online Shopping Fraud, Debit Card Theft, sound familiar, doesn’t it? With the onset of the digital paradigm, is technology holding us back or taking us forward? This is a question that has left all of us bewildered, for […]