Loan seekers sharing bank data 3x more likely to get business loans: Study

The introduction of the Account Aggregator framework has remarkably transformed the lending landscape, especially for borrowers without prior credit history. With loans totaling over Rs 3.82 lakh crore accessed through millions of accounts, new-to-credit individuals experienced significant growth in loan disbursements. Lenders benefiting from this framework reported quicker portfolio expansion and reduced delinquency rates, thereby amplifying economic activities in regions with improved credit access.