11 May IBS Intelligence : FinTech firm True Balance to continue lending in rural India despite COVID crisis
In this article, published in May 2020 on IBS Intelligence, narrates how True Balance announced the amount of total disbursed loans worth Rs 23 crore in March 2020. The story is basis of an interview conducted with Victor. The article also mentions that several players in the lending space have stopped loan disbursals, True Balance intends to continue solving the last mile issue of credit in India. True Balance’s plans to influx much need liquidity in the rural market even as the COVID-19 triggered pandemic caused a massive global socio-economic crisis. India, Asia’s third-largest economy, has been worst hit as the country went for a total lockdown in a bid to contain the spread of the COVID19 virus. The announcement of continuing to lend has helped in clearing True Balance’s vision as the brand thinks this is the right opportunity to engage with the unbanked and uneducated rural consumers through a digital channel. There are over 4000 NBFCs in the country, but only a mere 30 of them are lending digitally.