New Delhi, November 30: RBL Bank, a private sector lender, has launched a short-term credit facility, called RBL Bank Udhaar, to provide instant working capital to retail traders.
The initiative will be extended to more than 25,000 retailers spread across India’s 5,000 PINs via the B2B Wholesalebox electronic marketplace, with a loan payment of up to Rs 3 lakh to each retailer.
“With this partnership, we intend to allow retailers to use their credit multiple times and repay the amount easily,” said Harjeet Toor, RBL’s Retail, Inclusion and Rural Business Manager. Bank.
Udhaar, a short term credit facility for working capital needs of retailers, is a digital loan product to facilitate instant remittances for retailers. The unsecured loan is offered without submission of financial documents.
Banks and non-bank financial companies are increasingly turning to fintechs and e-commerce platforms to provide instant lending solutions to the MSME segment. One such solution is provided by the personal financial marketplace, Paisabazaar, which has links to TradeIndia, an online B2B marketplace.
Naveen Kukreja, CEO and Managing Director of Paisabazaar.com, said: “With continued technological innovation, these reconciliations will play a crucial role in bridging the gap between financial institutions and MSMEs and help improve the overall penetration of the market. credit and financial inclusion in our economy. . “