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BranchX Becomes India’s First Neobank to Launch ONDC Loans for Financial Inclusion
Bangalore (Karnataka) [India], July 10: In a landmark move set to revolutionize financial access across India, BranchX, a leading neobank innovator, has launched the nation’s first personal loan solution through the Open Network for Digital Commerce (ONDC). This initiative marks a significant step towards financial inclusion for India’s 1.4 billion people, particularly targeting the emerging [...]
Bangalore (Karnataka) [India], July 10: In a landmark move set to revolutionize financial access across India, BranchX, a leading neobank innovator, has launched the nation’s first personal loan solution through the Open Network for Digital Commerce (ONDC). This initiative marks a significant step towards financial inclusion for India’s 1.4 billion people, particularly targeting the emerging middle class, young professionals, small business owners, and entrepreneurs who often face hurdles in obtaining loans from traditional routes replaced with a paperless experience.
The ONDC framework, an initiative by the Indian government to democratize digital commerce, forms the backbone of BranchX’s cutting-edge lending solution. BranchX’s personal loan product stands out with its digital-first approach, ensuring a paperless, transparent process from application to disbursement. This strategy not only improves affordability but also empowers borrowers to manage their finances more swiftly. In addition, BranchX is dedicated to enhancing financial literacy using voice AI Banking, providing customers with educational resources and personalized financial guidance to support informed financial decisions.
“Our partnership with ONDC highlights our dedication to using breakthrough technologies for the next billion Indians,” said Rajesh Johnny, CEO of BranchX. “By simplifying the lending process and expanding access to credit, we aim to drive economic growth for the previously unbanked communities of Bharat. Next in line is an SME lending product.”
