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NBFC Fintech models are digital loan companies. NBFC provides fast and convenient access to funding and leverage information technology. As the main function of the NBFC is to carry financial activity as a principal business i.e. engaged in the business of loan and advances as well as the business of receiving deposits under any scheme or arrangement in a lump sum
NBFC Fintech acts as the right supplements to the banking business. NBFC Fintech reflects financial technologies that provide financial services through the new and advanced technology to the consumers to have a direct connection with them.
Table of Contents
New-age Fintech NBFCs have to meet prescribed eligibility criteria and parameters mentioned below-
There is an increased number of internal and external forces and environment that affects the working of the NBFC Fintech model:
NBFCs Fintech is playing a crucial role in the development of the infrastructure, employment generation, in the creation of wealth, economic development and especially the weaker sections of the society.
By disrupting the segment of retail and MSME segment, NBFCs are offering a varied range of products such as equipment financing, leasing, housing finance and gold loans to carry out a new segment i.e. consumer durable finance by analyzing the following factors-
In the Union Budget 2019 contains several legislative measures to strengthen the NBFC sector and aimed at giving more regulatory powers to the RBI. The backdrop of these amendments is maybe some of the recent episodes in the financial sector.
Read our article:Live: Highlights of Union Budget 2019
The Budget 2019 was full of advantage for the NBFC sector. All the measures and amendment introduced in the union budget are extremely important as the Government of India[1] has started analyzing the relevance of the NBFC sector in the economy.
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