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FINO PayTech ties up with Reliance Commercial Finance for small ticket loans

Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phoneboo Alternate banking channel company FINO PayTech has signed an agreement with Reliance Commercial finance to offer credit to rural poor in the states of Maharashtra and Madhya Pradesh. Note that the loans will be will provided by Reliance Commercial Finance and the disbursement will be through FINO Fintech Foundation, an associate company of FINO PayTech. FINO says that the tie up will help the company gear up for the launch of its payments bank. FINO was among the 11 applicants which got an in-principle nod from the Reserve Bank of India to set up a payments bank in August 2015. RBI's guidelines explicitly state that a payments bank cannot undertake lending activities, but however they can undertake other non-risk sharing simple financial services activities, not requiring any commitment of their own funds, such as distribution of mutual fund units, insurance products, pension products, etc. As such, it seems FINO will only be providing disbursement services for Reliance Commercial Finance and not actually provide the loan themselves. Reliance Commercial Finance will offer small ticket size loans to women borrowers for a tenure up to 24 months for carrying out revenue generating activities as part of the tie-up. A pilot project has been initiated in the districts of Vidharbha region in Maharashtra, and Bhopal, Hardha, Khandwa, Vidhisha, Khargone in Madhya Pradesh, where loans are disbursed under Joint Liability Group (JLG) model. JLG is a…

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