Fintech players disbursed Rs 36,000 crore in Q3 FY24, up 55% on year: report
Fintech Association for Consumer Empowerment (Face) disbursed Rs 35,999 crore in loans in the third quarter of FY24, a 55% increase over the same period last year, according to a report.
The ninth issue of ‘Facets’ presented insights into the disbursement trends for the quarter from 37 members of Face, indicating a 13% growth in disbursing volume to 2.5 crore in the same period. Also, the average ticket size for loans disbursed stood at Rs 12,733.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitThe report comes at a time when the fintech lending ecosystem in India is facing increased scrutiny and regulatory changes from the Reserve Bank of India. These include the central bank’s directives requiring lending institutions to increase their risk weightage or allocate more capital for unsecured loans they disburse, which could potentially impact the emerging fintech lending sector in the country.
However, the report highlighted that 28 companies, representing almost 85 percent of the disbursement value, reported assets under management (AUM) of Rs 40,962 crore as of December 2023. The data also revealed positive financial trends, with more than three-fourths of the 21 fintech members reporting profitability, compared to less than two-third in
