Current Affairs - Banking - Discussion

ICICI Bank will partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid. Unlike other software-based loans, the digital credit planned by the bank will be available to non-customers and new-to-credit borrowers. The bank will announce partnerships with e-commerce firms, following which buyers on the site will get a 'pay later' option. The 'pay later' facility will be available to even those who have not availed of any loan in the past and for small amounts of up to Rs 20,000.