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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The country’s post-pandemic credit boom has given rise to a number of companies offering to clean up borrowers’ credit reports. But no one’s paying attention to the most fundamental risks these businesses pose.
There’s no stopping India’s startup juggernaut. Consider this. Many people in India turn to financial institutions for loans. To get these loans at an attractive rate of interest, they need to have a good credit score. The higher the score, the better the chances of securing loans. This specific need has birthed a number of digital startups.
These young companies are promising users excellent credit scores. All you have to do is download the app, follow instructions and pay handsome money. The proposition is rather enticing and has found millions of takers in India. What’s gone unnoticed, though, is that …
While the earnings have been encouraging, the real challenge lies in addressing the slowing deposit growth and leadership uncertainty.
Profit or loss is a definitive number because it can be traced back to a company’s books of accounts, audited by a certified auditor. Any number that doesn’t have this stamp of sanctity is a baseless claim.
The feature has attracted a whole host of startups taking people for a ride. The problem is now large enough for an efficient regulator to step in.
