Sun, Aug 20, 2017 | updated 08:21 AM IST

Bank of Baroda, CreditMantri to launch first-of-kind lending program

Updated: Jul 25, 2016 17:04 IST      
Bank of Baroda, CreditMantri to launch first-of-kind lending program

New Delhi, Jul 25 (ANI): Bank of Baroda has announced today that they are working with CreditMantri to launch a first of a kind credit product, wherein data from traditional and alternate data sources is used to help evaluate an applicant's credit worthiness and make a credit risk decision.

Historically, banks have relied on Bureaus based Credit Scores or face-to-face meetings with the applicant to make a credit decision. The process usually starts off with a face to face meeting with the applicant which is then followed up with the applicant submitting documents.

The documents submitted help the lender perform a financial assessment of the applicant. The last step is to then do a physical verification before finally approving the loan. With this initiative, Bank of Baroda intends to leapfrog their digitisation journey by leveraging the power of technology and data to make the credit underwriting process more efficient while being broad based and inclusive.

The credit assessment based on alternate data helps the bank make a credit decision by holistically understanding the applicant and the credit need better. The use of alternate data sources to supplement existing financial data from the Credit bureaus helps the bank to lend to applicants with limited or no borrowing history. The business loan product has the ability to score the applicant and processes the application online and real-time.

The applicant is credit profiled when they apply for a loan with Bank of Baroda. As part of this approach, the borrower's credit worthiness is assessed across five key pillars which most lenders use to evaluate loan applications using over 1500 credit relevant data points. The data used in the profiling is obtained and used only after applicant consent.

This approach enables Bank of Baroda to understand the applicant's credit profile better, check the veracity of information provided by the applicant and process the loan application faster. Technology enables the bank to offer low ticket credit products to even first-time borrowers and expand into newer segments without the need for related large-scale investments.

It also helps the bank reduce credit processing turnaround times by cutting down on need for expensive physical verification processes and expand into new, digitally aware consumer segments where Credit Bureau data is limited.

"BOB has been one of the early adopters of this new paradigm. This proposition will help more Indians get credit included and facilitate credit availability. This is an important milestone in CreditMantri 's journey to meet its aspiration of becoming India's largest and most inclusive Credit facilitator," said Ranjit Punja, the CEO of CreditMantri. (ANI)

RBI Governor urges time-bound resolution of stressed assets

Updated: Aug 19, 2017 15:45 IST     

New Delhi [India], Aug 19 (ANI): Reserve Bank of India (RBI) Governor Urjit Patel on Saturday noted that given the current position of public sector banks, time-bound resolution of stressed assets is crucial, in order to facilitate resolution of stressed assets and reallocate capital.

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New Delhi [India], Aug.19 (ANI): Baldeo Bhai Sharma, Chairman, National Book Trust (NBT), today underlined the importance of nurturing creativity and innovation in children at an early age for the economic and spiritual development of the nation.

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E-Commerce industry risk review by Alea Consulting

Updated: Aug 19, 2017 15:05 IST     

New Delhi [India], August 19 (ANI-NewsVoir): In India, eCommerce accounts for 1.5 percent of India's GDP, and is likely to reach 2.5 percent by 2030. In 2016 the sector grew by 55 percent to USD 16 billion. With the increase in internet users, Indian e-Commerce industry is poised to surpass the United States and become second largest in the world, after China, by 2034.

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Adarsh Credit Co-operative Society ties up with Oppo Mobiles

Updated: Aug 19, 2017 14:46 IST     

New Delhi [India], August 19 (ANI-NewsVoir): Adarsh Credit Co-operative Society Ltd. tied up with OPPO mobile company for providing financial services for its advisors which will help them in providing better services through Adarsh mobile money application. The tie-up of this kind is for the first time in the co-operative sector which will help in accelerating financial inclusion in the country.

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Kutchina Foundation celebrates Annual Day

Updated: Aug 19, 2017 14:45 IST     

New Delhi [India], August 19 (ANI-NewsVoir): Kutchina Foundation celebrated its annual day to commemorate the outstanding contributions and efforts by the existing Krritikas in bringing about a social impact and change in the society and to introduce the new Krritikas who have been identified to be offered fellowship for their respective projects under Kutchina Krritika - an initiative to identify woman change-makers and support them. The women identified under this initiative are called 'Krritikas' as it stands for a group of stars (female Nakshatras) also known as the "Stars of Fire" and is related to a commander, foster mother, luster, glow of power, physical and creative force.

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New Delhi [India], Aug.19 (ANI): The Global Business Travel Association (GBTA),the voice of the global business travel industry, kicked off GBTA Conference 2017 New Delhi on Friday as part of its India Conference Series 2017.

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New Delhi [India], Aug 18 (ANI): The Ministry of Finance on Friday released a clarification regarding the number of taxpayers that have been added after demonetization.

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New Delhi [India], Aug 18 (ANI): Celebrating the occasion of world Entrepreneurship Day, ASSOCHAM (Associated Chambers of Commerce and Industry of India) on Friday bestowed Mobikwik co-founder Upasana Taku with the 'Best Woman Entrepreneur Award 2017' in the national capital.

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RBI introduces new Rs. 50 notes in Mahatma Gandhi series

Updated: Aug 18, 2017 19:14 IST     

New Delhi [India], Aug 18 (ANI): The Reserve Bank of India (RBI) on Friday announced circulation of new currency denomination of Rs. 50 banknotes in the Mahatma Gandhi (New) Series.

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New Delhi [India], Aug 18 (ANI): An urge to share lives beyond fashion and lifestyle by the users of India's leading fashion social network, 'Roposo - TV by the People' has emerged as the home grown digital platform to explore homemade videos and photos, hands-free and full-screen browsing experience.

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New Delhi [India], Aug 18 (ANI): CMO Asia, an organization of Asia's top marketing executives and professionals, through their network, generate high level thought leadership and peer networking amongst decision makers across Asia. CMO Asia's National Award For Marketing Excellence was awarded to Parijat Industries on 6thJuly in Mumbai this year.

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New Delhi [India] August 18 (ANI): Union Minister Arun Jaitley in a letter to the State Chief Ministers, Finance Ministers written earlier today highlighted the concerns raised by the manufacturing sector in the country regarding the rise in input costs of petroleum products.

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Panaji (Goa) [India], Aug 18 (ANI): Le Meridien has announced hiring of Norton Pereira as the General Manager for its Goa's Calangute property.

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The story of Zaara Tugs at Family Ties Strings

Updated: Aug 18, 2017 15:38 IST     

New Delhi [India], Aug 18 (ANI-BusinessWireIndia): In every child, there is a story, a story never told or heard. New research has found that three out of four parents have a best loved child. Even if they do not, mere perception of bias can affect a child's emotional well-being.

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New Delhi [India], Aug 18 (ANI): Vishal Sikka, who resigned as the Managing Director and Chief Executive Officer of Infosys Ltd., on Friday cited that the continuous stream of distractions and disruptions are among the main reasons behind his dec

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New Delhi [India], Aug 18 (ANI): True Balance, India's leading mobile balance management service app unveiled interesting features on its new version which enables users to manage, recharge and earn their rewards all in one go.

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New Delhi [India], Aug 18 (ANI): The latest OLA film 'Farak Padta Hai' campaign explores the youth of today who are more concerned about the future of the country, and want to work towards solving real issues like growing congestion and pollution in our cities.

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New Delhi [India], Aug 18 (ANI-NewsVoir): Home buying journey today is not as cumbersome as it was a decade ago. Homeseekers were completely dependent on brokers and personal connect, however with evolved needs and technological advancements, one can now access information at the touch of their fingertips. With the introduction of mobile apps like Magicbricks - the process has become much simpler.

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Kerala Tourism organizes a roadshow in Gurugram

Updated: Aug 18, 2017 13:54 IST     

New Delhi [India], Aug 18 (ANI-NewsVoir): Kerala Tourism, with its year-long marketing activity campaign which commences with the summer campaign that lures summer travellers from the month of April to September, reached out to the tourism industry players in Gurugram on Thursday, 17th August, with its revamped fare on showcase which includes a selection of new tourism products.

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