Although technological advancements have revolutionised and streamlined bank statement verification, a few problems persist – fake or tampered bank statements. Manipulating or creating fake financial documents, including bank statements, has become easier than ever, owing to sophisticated editing tools like Adobe Acrobat. Today, around 5% of all financial documents submitted through online channels are tampered […]
In 2023, India’s gross non-performing assets (NPAs) stoo͏d at͏ o͏ver ₹6 lak͏h crore. Muc͏h ͏of͏ this is blamed ͏on late detection ͏of credit stress. Ac͏cording to the RBI’s Finan͏c͏ial St͏abili͏ty Repo͏rt, early detecti͏on mecha͏nisms could hav͏e prevented the accumulation of bad loans. Yet, many lenders s͏ti͏ll s͏truggl͏e with setting up robu͏st early warning signals in […]
India’s corporate credit ecosystem has seen remarkable growth in FY 2024–2025. Here are a few figures that support this trend: The total outstanding bank credit to business (including industry and services) increased to ₹82.73 lakh crore in March 2024, with a 16.3% year-on-year growth. Corporate loans to large enterprises grew by 7%. The retail loan […]
The l͏ending͏ industry has changed significantly in recent years due to the ris͏e o͏f ͏di͏gital͏ paym͏ents an͏d͏ online͏ transaction͏s. A͏s m͏ore b͏orrowe͏rs move to digi͏tal p͏latforms, lending institutions face cha͏lleng͏es wi͏th tra͏ditio͏nal reconcil͏iation methods,͏ which are͏ struggling to keep up with the rapid flow of financial data. Borro͏wers͏ ͏expect loan dec͏isions as fast as possible. […]
Over 110 million Indians checked their CIBIL report in 2024. TransUnion stated in their report that women-led monitoring rose by 42%, and 15 million assessed their Credit Information Report for the first time in FY24. This shows India’s excellent growth in financial awareness and credit monitoring. On the other hand, banks and NFBCS are seeing […]
Economic offences like money laundering, shell companies, and tax evasion have escalated in India. In the first half of FY24, bank fraud cases rose to 18,461, with reported losses jumping eightfold to ₹21,367 crore. These financial crimes undermine public trust and destabilise the economy. The Enforcement Directorate (ED) responded by attaching assets worth ₹1.45 lakh […]
Money laundering is clearly one of the biggest threats to India’s financial and economic stability. It is primarily carried out to evade taxes, finance illegal and criminal activities, and conduct illicit trade. The Enforcement Directorate (ED) revealed that it registered over 5,900 money laundering cases between 2014 and 2024. The total value of money laundering […]
According to the president of ICAI, Mr. Ranjeet Agarwal, India’s chartered accountants issue around 1.5 crore income tax filing certifications annually. Tax professionals spend 25 hours weekly on compliance and handle 400-500 complaints yearly, which underscores their crucial role in ensuring thorough compliance. However, the complexity of tax filing has surged due to rapid regulatory […]
Access to credit is a critical driver of economic growth, yet not all sectors receive adequate funding. As of 2024, the total ba͏nk credit in͏ India s͏to͏od at over ₹150 ͏lakh͏ crore, yet͏ a signif͏ic͏ant portio͏n ͏of key͏ sectors like agriculture, MSMEs,͏ and re͏newable ene͏r͏gy con͏tinue to strugg͏le for adequa͏te fu͏n͏ding. With M͏SMEs co͏ntributing 30% […]
A thorough evaluation of the applicant’s credit health is integral to the lending process. Lenders use multiple tools to assess an applicant’s creditworthiness, with bank statement analysis being one of the most crucial. While the Indian banking sector has seen a significant improvement in asset quality, with the gross non-performing asset (GNPA) ratio falling to […]
