• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 13, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Slice to update its lending policy to adhere to the RBI directive!

by Mehardeep Singh
July 21, 2022
in Business, Exclusive Interview, Internet of Things, Learning, Markets, News, Popular, Press Release, Startups, Story, Tech, Trending, World
Reading Time: 3 mins read
0
Slice to update its lending policy to adhere to the RBI directive!
TwitterWhatsappLinkedin
Source: TechCrunch

According to recent reports, in a mail to customers, Slice is said to have told their customers about having to seek fresh credit approval every time they use their card now, as opposed to a free-to-use credit line in place previously.

You might also like

Samsung Galaxy Z Fold 7 Leak Teases Ultra-Thin Design and Almost Invisible Bezels

Celebrating 20 Years with the Launch of a New iPhone Featuring Mostly Glass With an All-Screen Design

Samsung Galaxy S25 Edge Leaks in Hands-On Photos And It’s Super Slim

In other words, Fintech Slice has recently informed all of its customers that it will be tweaking its lending model a bit, a move that can simply be seen as an attempt to work around the Reserve Bank of India’s (RBI) mandate, stating that credit lines into prepaid payment instruments (PPIs) like wallet as well as prepaid cards is prohibited.

As mentioned previously, in a communication to its customers on June 19, the Tiger Global-backed startup is said to have asked customers to seek fresh approval for a specific amount every time they use the Slice prepaid card to transact.

Moving further, this new model is said to be somewhat similar to how players just like ZestMoney and Axio, which commonly identify as pure play Buy Now Pay Later (BNPL) lend. As a matter of fact, these players have informed customers of their eligible limits. However, separate loans from various lending partners are sanctioned for specific purchases as sought by the customer.

In addition to this, while this particular model is to be regulated by the digital lending norms, it was unimpacted by the RBI’s clarification as Axio as well as ZestMoney do not actually lend through any PPIs. Whereas Slice is said to be keeping its core card offering intact by changing the credit line to a loan.

“While Slice was earlier extending credit lines, it was declining payments at some merchant checkout points which it thought were unsafe. However, the RBI’s clarification triggered them to tweak it further,” said a fintech executive.

Source: www.sliceit.com

Moreover, the platform has named this a new feature known as ‘Purchase Power’ and said “The decision will be determined primarily based on merchant credibility risk, fraud checks, and your past payments as well as repayment patterns.”

Also, as noted in a report by Moneycontrol, a Slice Spokesperson said, “We at slice follow high governance standards, and with this change, we want to give the most transparent product possible. We think that by making every transaction an explicit borrowing event, we not only safeguard ourselves against unnecessary risk but also prevent our borrowers from overextending themselves.”

Lastly, the underwriting as well as the so-called approval for the loans are said to be done in real-time, which means that the amount will also be rejected or approved after real-time underwriting.

This move will surely be able to increase the friction for its already existing customers who have been using the said card as a payment mode. Now, customers will have to wait for the company’s approval of the credit limit every time they decide to use the card.

Reading so far, I hope you must have gotten a fair insight into Slice and its new lending policies and by now I believe you will be able to decide on your own whether or not you think it was the right thing to do and whether or not you will choose Slice as a payment mode with these new guidelines in place!

In conclusion, what are your thoughts on Slice’s new lending policy? Do let us know in the comments area below. To know more about such reports, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also Read: Water purification startup Drinkprime raises Rs. 60 crores in funding!

Tags: credit limitCredit linelending policyprepaid payment instrumentsRBI directiveSlice
Tweet54SendShare15
Previous Post

Mark Zuckerberg to testify on Cambridge Analytica Data Scandal

Next Post

Sequoia Capital to make investments in 39 Indian startups!

Mehardeep Singh

Recommended For You

Samsung Galaxy Z Fold 7 Leak Teases Ultra-Thin Design and Almost Invisible Bezels

by Anochie Esther
May 13, 2025
0
Galaxy Z Fold 7

As the summer inauguration window approaches, the rumor mill is starting to heat up around Samsung’s next flagship foldables and if the latest leaks are accurate, the Galaxy...

Read more

Celebrating 20 Years with the Launch of a New iPhone Featuring Mostly Glass With an All-Screen Design

by Anochie Esther
May 13, 2025
0
Apple

As Apple approaches the 20th anniversary of the iPhone in 2027, it appears the tech giant is preparing to celebrate the milestone not just with fanfare, but with...

Read more

Samsung Galaxy S25 Edge Leaks in Hands-On Photos And It’s Super Slim

by Anochie Esther
May 13, 2025
0
Galaxy S25 Edge

As anticipation builds for the official unveiling of Samsung’s next-generation smartphones, a surprise frontrunner is already grabbing the spotlight. The Samsung Galaxy S25 Edge, a sleek and ultra-thin...

Read more
Next Post
Sequoia Capital to make investments in 39 Indian startups!

Sequoia Capital to make investments in 39 Indian startups!

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?