Google joins hands with HDFC, ICICI and other banks to offer instant loans

Eying $1 trillion digital finance market, Google has partnered with four Indian banks to grant instant loans online. The four Indian Banks including HDFC Bank Ltd, ICICI Bank Ltd, Kotak Mahindra Bank Ltd and Federal Bank Ltd., along with Google will offer instant, pre-approved loans to customers “right within Google Pay in a matter of seconds,” Google said in a statement.
 
The internet giants like WhatsApp, Jack Ma’s Ant Financial are also in the line to provide financial services in the world’s fastest-growing mobile arena. Online lending is becoming the next frontier as mobile users look for small loans with minimal paperwork, served to them even without credit ratings as fintech companies use data and algorithms to determine risk, reported Bloomberg.
 
Berkshire Hathaway Inc has picked up a 25 billion rupees ($356 million) stake in the parent of digital payments firm Paytm, a source said, its first investment in an Indian startup, as it forays into the financial payments sector.
 
The conglomerate run by billionaire Warren Buffett confirmed in an email that Berkshire had invested in One97 Communications Ltd. Buffett was not involved in the transaction, his assistant Debbie Bosanek said in the email, without giving more details, as reported by Reuters.
 
"We’ve learned that when we build for India, we build for the world," Caesar Sengupta, vice president of Google’s Next Billion Users initiative and Payments, said at the ‘Google for India’ event in New Delhi on Tuesday, as stated by Bloomberg.
 
Google today also partnered Andhra Pradesh State FiberNet Ltd (APSFNL) to bring Google Station to over 12,000 villages, a move that will provide Internet access to about 10 million people, said A PTI report.

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The tech giant has also rebranded its 'Tez' as 'Google Pay' as part of its efforts to take the digital payments app to more online and retail merchants across the country.
 
"Building for India has helped Google build for everyone all around the world... Our partnership with RailTel is an example where millions of people are accessing the Internet from hundreds of railway stations in India. We have also taken Google Station to other countries like Indonesia, Nigeria, Thailand and Mexico," Google General Manager (Next Billion Users initiative and Payments) Caesar Sengupta reportedly stated.
 
Previously, Google had partnered RailTel to offer Wi-Fi access across 400 railway stations in the country.