Shetty’s comment came in the background finance Recent statement by Minister Nirmala Sitharaman, when she talked about the digital revolution in India and said that the country has reached 50 billion digital transactions in 2022.
India’s current volume of digital transactions is three times that of the US and UK, and is built on digital public good platforms such as is iIn RuPay and Aadhar Digital payment Kranti, Shetty insisted during an interaction.
“Bankbazaar would like to say that another revolution is happening and the world will recognize it in a year or two from now. And this is going to be the next digital revolution which will be driven by Gen 2 Digital Public Good. Gen 2 Digital Public Good There are DigiLocker, account aggregator and video eKYC etc,” said Shetty.
Explaining the numbers, he said that today there are 128 million (128 million) registered users on DigiLocker in India and 400 document types are integrated. So if you multiply that, technically there are 5 billion (500 crore) e-documents that can be submitted through DigiLocker.
“Now it is a game changer for credit (in the country). With regard to account aggregators, the big change came when the finance minister asked banks to onboard the system earlier this year.
According to Shetty one billion (100 crores) Bank The accounts are currently available on the Account Aggregator (AA) system.
While the digital payments revolution has been led by UPI, the digital credit revolution, which is kind of tough, as different people get different credits and the loan amount is also completely different. So, what is needed here is data.
He said that as one thing DigiLocker can facilitate data sharing, it needs to be strengthened.
“We need to integrate Form 26AS, ePAN with Income Tax. Presently those integrations are not in Digilocker as well EPFO Digilocker does not have relevant documents. But if we can do two or three things… Gen 2 Digital Public Good, it is going to revolutionize the digital credit,” the official said.
BankBazaar.com is also looking at integrating on the AA system.
Goods and Services Network (GSTN) is also expected to be integrated on the AA platform parliamentary standing committeeHe said that a project is underway from 2020 to integrate GSTN and Account Aggregator.
“We are waiting for it to go live because once the GSTN data is out, MSME underwriting, which everyone believes is a huge credit opportunity, will give MSMEs the power of digital credit. So those are the big things on which to go. Everyone is working. And waiting,” Shetty added.
Bengaluru-based BankBazaar.com started in 2008 as a loan comparison platform. Over the years, it has now transitioned into the co-branded credit card space, with two such cards being issued in association. Yes Bank And RBL Bank, It also provides credit score services.
In the second quarter of FY23, it reported a year-on-year growth of 85 per cent in its top line, which is a revenue 170 crores. The company’s credit card sales grew 115 percent in the second quarter.
(with PTI inputs)