Bogus loan, KYC leak will create mistrust in fintech industry
- Out of about 1,100 loan applications available for Android users in India, 200 apps were found to be illegal. - Fintech applications offering instant loans at high interest rates explode like a cat's cap Fintech Industries is expanding rapidly in India and the growing acceptance of online payments from Indians is a major support. However, incidents like bogus loans, KYC data leaks have created a climate of mistrust in the fitneck industry which has hampered the growth path. Surya Prakash Tripathi is a 40-year-old marketing professional and his CIBIL score assigned by a credit information company is mostly above 200. He received a number of credit card and personal loan offers every day. However, a few days later, he was shocked by an incident when it was reported that his CIBIL score had dropped to 40. The incident led to him being disqualified from being a guarantor in his co-worker's loan application due to his low credit rating. Tripathi questioned the credit monitori