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RBI Provides License to ftcash

Published on November 10, 2022
Current Context: The Reserve Bank of India (RBI) issued a license to ftcash for setting up a Non-Banking Financial Company (NBFC).
RBI Provides License to ftcash
  • The NBFC License issued by the RBI will help ftcash in bridging the credit gap.
  • After the issuance of the license, ftcash announced that it will aim to disburse loans worth INR 100 crores in FY23.
  • The company will offer loans with minimal documentation in addition to the facility of daily repayment through Point on Sale (PoS).
  • To offer better credit facilities to its customers, ftcash, also entered into partnerships with various financial service providers viz. Northern Arc, Urgo, and Ambit.
  • ftcash is a micro-lending start-up that provides credit facilities to Small and Medium Enterprises (SMEs) and was established in 2015 with its headquarters in Mumbai. The current CEO of the company is Sanjeev Chandak.

Question:

Q.1 The RBI recently provide the NBFC License to which of the following?
a. Annapurna Microfinance Pvt. Ltd.
b. ftcash
c. Cashpor Micro Credit
d. ESAF SFB
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