IIFL Finance WhatsApp loan now powered by RBI-backed “Account Aggregator”

Mumbai, Nov 16: IIFL Finance, one of India’s largest non-banking financial companies (NBFC), today launched India’s first Account Aggregator services backed by Reserve Bank of India on its WhatsApp number (9019702184) in an effort to meet credit need of underserved customers across India. The retail-focused NBFC had launched up to Rs 10 lakh loan on WhatsApp for the first time in India about a month ago. The WhatsApp loan offering has crossed over 100,000 users within just a month. Now, IIFL Finance is also allowing users to verify their bank details using RBI-backed “Account Aggregator”. IIFL Finance which has over 60 lakh customers is the first NBFC to have reached this milestone.   Account aggregators are entities that allow individuals to share and access data from one financial institution to another in the consolidated networks of account aggregators. With account aggregator, IIFL Finance plans to enhance and cater to the large untapped pool of potential borrowers who are underserved. Additionally WhatsApp is one of the most powerful tools to communicate with users, especially for MSMEs. Sanjeev Shrivastava, Chief Risk Officer at IIFL Finance said, “WhatsApp makes it easy, secure, and transparent for businesses to get credit from IIFL Finance through the ease and comfort of their homes - available 24x7. The complete journey till disbursal can be completed on WhatsApp. ”