RattanIndia Enterprises gains 6% on plan to tie-ups with banks for fintech platform

NEW DELHI – RattanIndia Enterprises gained 6.2 per cent in early trade on Monday as the diversified commerce player, which recently entered the fintech business, said that it is seeking tie-ups with banks by the end of the next financial year.

The fintech platform of the company, BankSe, has an arrangement with 21 banks and financial firms to offer loan products.

RattanIndia’s scrip climbed to a high of Rs 49 as against Rs 46.15 at previous close on the National Stock Exchange. The stock was last trading 3.8 per cent higher.

"Plan is to cover all the banks by the end of next financial year. So we will have all the banks offering their products on the platform," RattanIndia Enterprises' chairperson Rajiv Rattan told PTI.

The two-wheeler and personal loans get approved very quickly, Rattan said, adding that more products would be onboarded going forward because the idea is to make it a full market place for all financial products, PTI reported.

"This is something where our capital is not at risk and credit score check and lending to be done by the financial institution. Lending is done by banks or financial institutions as per the RBI guidelines," he said.

Customers can have the convenience of logging onto the app or website and uploading requisite documentation digitally to experience outcomes in real, quick time. As an additional feature any customer using BankSe will be able to get a personalized credit score, entirely free of cost, PTI’s report said.

BankSe, an all-digital, financial aggregator platform can be accessed through android mobile web portal.