wordpress blog stats
Connect with us

Hi, what are you looking for?

ICICI Bank and Ola sign MoU to provide micro credit to Ola users

ICICI Bank and Ola have signed a Memorandum of Understanding (MoU) to provide small ticket digital credit to Ola users. ICICI Bank's spokesperson said that both the companies are yet to chalk out details of the offering such as credit limit, loan's validity etc for Ola users. But said the offering will be similar to ICICI Bank-Paytm short-term credit offering launched two months ago. ICICI Bank and Paytm had partnered to offer short-term credit to users without interest for 45 days and up to Rs 20,000. The service was initially allowed to select ICICI Bank customers who are on Paytm, but later extended to other bank customers who use Paytm. The spokesperson told that as part of MoU, non-ICICI Bank customers will also be able to access the small ticket digital credit instantly on the Ola Platform. The digital credit will be provided based on big data algorithm developed by the bank and will be available on a real-time basis. The credit assessment will be done based on the financial and digital behaviour of the customer which includes ride patterns etc. The bank will define the credit-worthiness of the user and will credit the amount accordingly. The bank said in a statement, that the entire process will be completely digital, without requiring any paperwork. Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the next month, which has to be repaid in a particular time frame, the spokesperson added. Apart from credit, Ola and the has rolled out other range of services as part of…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

Free Reads

News

The case dates back to 2019 when Spotify filed a complaint against Apple's anti-steering rules which prevented apps like Spotify from informing their users...

News

DIP contains information regarding cases detected as misuse of telecom resources and acts as a back-end repository of all requests received on the Sanchar...

News

Meta's transparency report reveals a sharp rise in GAC orders from India in January 2024, exceeding the overall monthly GAC orders sent in the...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ