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Gold loan fintech Rupeek scores deal with Indian Bank

Source: Rupeek

Chennai-headquartered Indian Bank becomes first public sector bank to enter into a co-lending arrangement with Rupeek, India’s leading asset-backed digital lending platform.

This alliance aims to make gold loans mainstream on the back of Rupeek’s PSU-grade compliant technology, access to low-cost capital, and the bank’s extensive branch network of 5,700 branches. Indian Bank’s value offerings, combined with Rupeek’s expertise in safe, transparent, hassle-free doorstep lending service and robust technology, will help meet the expanding credit needs of customers at affordable prices.

According to RBI’s circular, the “Co-Lending Model” (CLM) is aimed at improving the flow of credit to the unserved and underserved sector, making available funds to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and the greater reach of the NBFCs.

“We are thrilled to enter into a co-lending agreement with Indian Bank, a large public sector institution having a strong pedigree in understanding and serving the credit needs of the masses. This partnership marks yet another strategic step towards unlocking access to secured credit via disruptive technology for consumers who are currently underserved. With Rupeek’s state-of-the-art technology solutions and Indian Bank’s strong presence in the market, we aim to introduce millions of customers to the formal credit market.”, said Ashish Bansal, SVP - Lender Partnerships, Rupeek.

With a sharp focus on adapting to digital lending and co-lending models with NBFCs under the EASE 4.0 reforms, Indian Bank emerged as the 'Top Improver' across all PSBs on PSB Reforms EASE Agenda 4.0.

“We are delighted to partner with Rupeek to provide a best-in-class, digitally-enabled gold loan journey to our customers.”, said Mr. Vikas Kumar, General Manager, Indian Bank.

As India’s fastest-growing fintech company, Rupeek has revolutionized asset-backed lending in India through its unique technology-driven products and offerings. As a nation-builder brand, Rupeek’s mission is to democratize credit for all by harnessing the power of technology in designing products that monetizes India’s idle $2tn household gold.

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