RBI Innovation Hub pilots digital unsecured loans for gig workers
Vivifi Finance to run a pilot project to offer unsecured loans to gig workers, two people with the knowledge said.
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The pilot that was launched a fortnight ago is aimed at creating a digital platform that offers loans to drivers of cab-hailing apps like Ola and Uber drivers, food delivery drivers employed with Swiggy and Zomato, and other temporary jobs.
«The RBI innovation hub is running a pilot with Vivifi Finance and three other gig platforms, where alternate data is being used to underwrite these gig workers,» said a source aware of the matter. «The idea is to bring them into formal banking channels and offer them credit based on that data.»
The RBI and Vivifi India Finance did not respond to ET's queries until Sunday press time.
The pilot is currently in the early stages.
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