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Paytm to set credibility of loan-seekers

Monday 10 September 2018 10:37 CET | News

Paytm has planned to develop a mechanism to determine the ‘credibility score’ of a person seeking loan from a bank.

The company’s team in Toronto is actively working on a system that can be relied upon by banks to ascertain the credibility of a loan-seeker. Paytm CEO Harinder Takhar said the mechanism would go a long way in aiding banks to determine whether it would be safe to grant a loan to an individual.

Paytm’s Toronto office is working on an algorithm to present a solution. With the number of non-performing assets on the upswing and defaulters escaping clutches of law after duping banks of crores of rupees, banks have become wary of offering loans.

The Toronto office houses the ‘fraud prevention’ team of Paytm. The team of nearly 10 data-crunching experts keep a close eye on the digital purchases being made through Paytm. Any suspicious activity by a client is immediately red-flagged to the team in India.


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Keywords: Paytm, banks, loans, credit scoring
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