One97 Communications Ltd.—the parent company of Paytm—has announced a partnership with Shriram Finance Ltd., in which it will provide a platform for digital credit for merchant and consumer loans.
Through this partnership, Shriram Finance's products, including loan offerings, will be made available digitally on Paytm's platform.
Shriram Finance, the flagship company of the Shriram Group, is India's largest retail asset financing non-banking finance company.
The partnership comes as India is witnessing high growth in retail credit demand, which will continue to increase with greater participation from rural and semi-urban India, said Umesh Revankar, executive vice chairman at Shriram Finance.
"A lot of this demand will come from the digitally literate, young generation brought up in the mobile telephone proliferation era and those who have comfort in having all their transactions through handheld devices," he said in a statement.
"Through digital distribution of credit, we are deepening access to financial services with our loan products, distributed in partnership with marquee lenders," said Bhavesh Gupta, president and chief operating officer at Paytm.
I don't have an incentive to become a bank today, says Shriram Finance MD & CEO YS Chakravarti, on the latest episode of 'Bankable' with @Vishwanath4389.
To watch the full conversation, tune in to BQ Prime today at 8pm! pic.twitter.com/6ZLkCOPSgTEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
