Digital loans up 49% in FY24 by value, Rs 1.46 trn disbursed: Industry body

Amid wide ranging concerns about digital lending, an industry body on Tuesday said its 37 member entities witnessed a 49 per cent surge in disbursements at Rs 1.46 trillion in financial year 2023-24.

According to Fintech Association for Consumer Empowerment (FACE), the number of loans disbursed grew by 35 per cent to over 10 crore borrowings in FY24.

It can be noted that the Reserve Bank has been public with its concerns on some of the practices adopted by such lenders, and has also formulated draft guidelines for their operations.