A CRITICAL ANALYSIS OF THE DIGITAL LENDING MARKET IN INDIA AND ITS FUTURE PROSPECTS
Author(s):
DR. JAYALAKSHMI R
Keywords:
Digital Lending, FinTech, Digital Applications, Consumer welfare
Abstract
Developments in technology has paved way for several initiatives and changes in the norms of finance. The pandemic has further exacerbated the role technology in the banking sector. Digital Lending has become an attractive channel to borrowers due to its ease of access. The global Digital Lending Market is expected to reach a size of USD 20.5 billion by 2026 (Marketresearch.com 2021). Though Digital Lending can be seen as an important milestone achieved by the financial sector, in an imperfect market economy, it can impose significant negative externalities and threaten consumer welfare. This paper analyses the current performance, the pros and cons of Digital Lending Market in India and its future prospects, in the light of existing guidelines and its potential effects on consumers’ welfare. Reports published by RBI and other financial institutions provide the trends, the present scenario of Digital Lending Markets and the prevalent guidelines to regulate these markets. The reports and research papers on the benefits and problems with Digital Lending have been analysed in this paper to provide a comprehensive understanding of its implications on consumer’s welfare. The discussions in the paper would provide insights on gaps prevalent in the existing system of Digital Lending and helps in identifying measures to address the same and protect the consumers from predatory practices.
Article Details
Unique Paper ID: 159216

Publication Volume & Issue: Volume 9, Issue 11

Page(s): 707 - 715
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