Banking

Cash Suvidha: Digitally Enabling Financial Platforms across India

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Rajesh Gupta, Founder, Cash Suvidha

Cash Suvidha is aligned with Prime Minister Narendra Modi’s vision of transforming India into a cashless economy and emerge as a strong Fintech ecosystem both via funding and promotional initiatives. It is working towards penetration of the digitally enabled financial platforms across all the urban and rural segments of the country, says Rajesh Gupta, Founder, Cash Suvidha, in conversation with Arpit Gupta of Elets News Network (ENN).

Kindly tell us about your product line and services.

Cash Suvidha is a Non-Banking Financial Company (NBFC) Registered with RBI category – B, Non Deposits taking that caters to the growing needs of an aspirational India, serving both retail and commercial clients.

We offer a wide range of secured and unsecured loans to our customers. Transparency is ingrained in our Code of Ethics and our compliance policies to ensure that the highest standards of professional conduct are embedded in every corner of our organisation.

We are currently serving all possible sectors but our approach is always innovation-driven. We provide hope to citizens of our country to progress and make their aspirations into a reality. So right from women to start–ups, to Small and Medium-sized Enterprises (SMEs) and Micro, Small and Medium-sized Enterprises (SMEs) MSMEs were here to support any and everyone who has the capability and zeal to contribute to our country’s economic prosperity. We constantly strive towards maintaining our responsible lending philosophy, which is about inclusiveness and providing equal opportunities to all sections of society.

Cash Suvidha has recently partnered with KrazyBee to facilitate easy and quick financing solutions for college students, apprise us about the project and its progress.

We believe in multi-sectoral empowerment and our association with Krazy Bee was suited for us as we aim to ease credit operations to process a loan for students within a few minutes which traditionally took weeks to process.

Beyond this, at Cash Suvidha we also have very strong programmes through which we support women entrepreneurs and start–ups. We have strategic tie-ups with other companies through which we are trying to provide financial assistance to as many people as possible. As a company, Cash Suvidha is fully focussed to make more collaborations and to explore the markets which have more potential along with differentiation factor from others like Shubh loans, Digilend, Grihastha saving & services , Rupeelend  to name a few.

In sync with the “Digital India” initiative Indian banking sector is also getting digitised, how is your organisation contributing to this initiative?

We totally support the vision of Prime Minister Narendra Modi. At CashSuvidha we have an internal mission of ‘Digital lending in Digital India’. We are completely aligned with the ambition of the Indian economy to become a cashless digital economy and emerge as a strong Fintech ecosystem via both funding and promotional initiatives. Our team is working tirelessly towards penetration of the digitally enabled financial platforms across all the urban and rural segments of India.

Regularly, we are approached by a large number of borrowers for their immediate funds requirements, who are starved of institutional credit. Through digital lending we strive to be of respite for anyone and everyone who comes to us. At the moment, we are leveraging technology for authentication and credit assessment by increasingly turning our lending platform into an online automated scoring and lending portal. We also keep a track of an individual’s past digital activity including social media footprints and use them for credit assessments thus opening up the potential of inclusive digital lending.

Union cabinet recently cleared the ordinance to crack down on loan defaulters, what is your organisation’s take in this regard?

We are yet to face any such loan defaulter situation. However, we are prepared for such an incident. We have some strong internal practices in place and we have the entire mechanism to deal with this situation in a well-planned manner.

How is your organisation ensuring safety quotient of digital transactions involved in loan reimbursements?

Cash Suvidha is linked up with YES Bank’s REL – ID which ensures complete safety of the online transactions .REL- ID secures file transfer over a mutually authenticated, encrypted communication channel. The loan application can be linked to a user or a machine for enhanced security. It also switches to e-mail mode of file processing.

REL – ID is a secure mechanism to do away with paper-based requests to move to paperless banking. This enables rapid provisioning and secure delivery of Enterprise Digital Services to millions of users.

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