The largest bank of the country, state bank of India is intalk with the gold loan startup Rupeek and because of this there will be an increase in fintech’s reach.
It is a Bengaluru based company which basically giving about 300 crores in loans for a month.
Rupeek is currently in partners with Karur Vysya Bank and Federal Bank.
They are also talking with to onboard Catholic Syrian Bank and Axis Bank.
There are still discussions going on but the senior management of the bank is very much impressed by it.
There are talks to embed Rupeek in the SBI app, so any SBI gold loan customer now immediately has access to Rupeek.
There are also discussions for lenders to take a small stake in Rupeek and invest via a single vehicle that represents all lenders.
By cutting down on expenses with an online-only strategy, Rupeek offers gold loans at an interest of 0.89% per month.
23,000 tonnes in gold and almost 40% of this is in South India alone according to 2018 report.
There are also discussions for lenders to take a small stake in Rupeek.
And invest via a single vehicle that represents all lenders, but these are talks at a very initial level.
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