Bank-based loans are replaced by apps. Structured paperwork, restricted loan accessibility for small consumers, marginalised sections resulted in its unpopularity. Fintech enables hassle-free loans to almost everyone. Supported by RBI, fintech is expected to grow $100 B by 2023. Documentation, verification details etc are maintained by AI. Amid excessive use of digital payments, app-based money lending, digital literacy campaigns are essential.

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