RBL Bank partners with CreditVidya for instant Employment Verification

~ Instant Employment Verification Engine (EVE) for loans to salaried individuals ~

RBL Bank, one of India’s fastest growing private sector banks, has partnered with CreditVidya, India’s leading fintech firm providing alternate data credit underwriting solutions to over 25 premier financial institutions. This partnership will enable RBL Bank to instantly verify the employment details of salaried individuals, consequently reducing the turnaround time for credit assessments.

RBL Bank is amongst the first few banks to be live on Bharat QR, BHIM, Aadhaar Payment Bridge System and other cashless initiatives launched by National Payments Corporation of India (NPCI). With its Retail Asset (Advances) segment growing at a CAGR of more than 60%, RBL Bank is focused on developing in-trend products and services to meet the evolving demands in the retail banking space.

Commenting on the launch, Harjeet Toor, Business Head Retail, Inclusion and Rural Business, RBL Bank, said, “We have been at the forefront of adopting digital technology to open new doors of customer convenience and drive financial inclusion across India. CreditVidya’s employment verification solution is the result of our investment and collaborative efforts to transform the lending process. Through our partnership with CreditVidya, we have been able to leverage technology to substantially reduce underwriting costs in credit cards and personal loans, and also prevent employment-related fraud. In addition, we have been able to offer seamless customer experience and faster turnaround time for our services.”

Abhishek Agarwal, Co-Founder and CEO, CreditVidya, added, “We are grateful to RBL Bank’s management for continued support and belief in our solutions. They are the new age lender that India needs, to ensure that the underserved segments of the population gain access to credit at reasonable rates. Our employment verification engine – EVE, reduces underwriting costs, prevents human errors and employment-related fraud, thus enabling loan approvals within a few minutes for salaried individuals.”

Headquartered in Mumbai, CreditVidya’s alternate data-based underwriting platform uses over 10,000 traditional and alternative data points for accurate risk assessment for first time borrowers, thus helping RBL Bank and other retail lenders reimagine the credit ecosystem in India.

About RBL Bank

RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agri Business Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 3.98 million customers through a network of 246 branches and 394 ATMs spread across 20 Indian states and Union Territories.

Over the last few years, RBL Bank has earned recognition in various national and international forums such as : CNBC ASIA’s India Talent Management Award (2017); India’s Best Bank for four consecutive years (2013 – 2016) in the mid-sized segment (Growth) by a Business Today – KPMG Study; Business World’s ‘Fastest Growing Small Bank’ consistently for three years(2013,2014,2015) and recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC). RBL Bank is listed on both NSE and BSE (RBLBANK).

For further details, please visit https://www.rblbank.com/

About CreditVidya:
CreditVidya is an alternate data credit-scoring company. We’ve helped our partner lenders underwrite and on-board hundreds of thousands of first-time borrowers profitably….and still counting. This is made possible by running our proprietary machine learning algorithms that leverage over 10,000+ digital data points on each borrower. Our solutions thus empower lenders to reimagine their credit cycle end-to-end: from verifying identity, to assigning a credit score, to detecting frauds, to cross-selling and upselling additional financial services.

At CreditVidya, we believe in inclusive growth, where our products create a win-win situation for both- lenders and borrowers.  We are building a world where lenders can fasttrack their lending, cut down operational costs by 80% and influx $2.1 trillion of credit globally.  The ripple effect? Access to affordable loans for 1.6 billion under-served and unserved population.

For further details, please visit http://creditvidya.com/