ONDC to add banks, fintechs to take credit services to last mile
ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank and Karnataka Bank, alongside fintech firms like Fibe, in the coming months, said people familiar with the matter.
Through this integration, participating banks will offer unsecured personal loans and goods and services tax-based invoice loans, targeting small merchants and retailers in financially underserved regions across the country, they said.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIt comes at a time when ONDC has started conducting early pilots for credit disbursals by integrating Tata Group super app Tata Neu and credit marketplace Paisabazaar to source customers and lenders, such as DMI Finance and Aditya Birla Finance, to provide loans.
In response to a query emailed by ET, IDFC First Bank said, “We would like to state that currently IDFC First Bank provides ONDC network participant account as well as reconciliation service provider component, which can be integrated with various network participants to reconcile and perform settlement activity.”
Queries emailed by ET to other financial institutions did not elicit a response till press time.
“If you think about MSME (micro, small and medium enterprises) financing, small ticket loans for any purpose in remote villages in India haven't been
