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Today General Knowledge(GK)
By which bank was the "AutoFirst" application launched to provide fully automated auto loans?
A)
ICICI Bank
B)
HDFC Bank
C)
Union Bank of India
D)
Kotak Mahindra Bank

Correct Answer : Option (B) - HDFC Bank



'Small' is big business for India's most valuable bank. After the regulator eased all curbs, HDFC Bank has decided to create a dedicated app for mom-and-pop stores to push merchant loans.
 
The bank now clocks at least ₹1,000 crore in merchant loans every month and is looking to triple the run rate. HDFC Bank will also launch an application 'AutoFirst' that will offer fully automated auto loans. "We don't want to wait for the most perfect product to launch, we will put together a minimum viable product and upgrade the offerings," said Parag Rao, country head-payments, HDFC Bank, in an interview with ET.
 
Already in its pilot phase, the SmartHub Vyapar programme for merchants will be launched soon. It is an app that bundles all payment platforms - cards, UPI, QR code, tap pay and SMS-based payments.
 
"We are doing fund flow-based underwriting so that inside the app itself, merchants will have access to the quantum of loan eligibility," Rao said. "The merchant can avail of working capital or short-term loans, a business card or loan on the business card.".

Source : Economic Times

Published On : March 22, 2022
Category : Banking
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