Flipkart secures NBFC license of RBI-Becomes First Indian E-Comm player to present direct lending | Company Business News

Flipkart received a lending license from the Reserve Bank of India (RBI), the Walmart-backed e-commerce business confirmed Thursday. According to sources, the nod came in March this year. When he was contacted about the award of the NBFC license, Flipkart confirmed the development, but did not disclose any details. The move can pave the way for Flipkart to provide loans directly to customers, sources said the specific cases in which customers sometimes choose the EMI model or repayment mode to pay for products they choose. However, the company’s specific plans on this, now with the NBFC license, could not be determined immediately. Walmart currently has more than 80 percent in Flipkart. It bought a majority interest in the e-commerce platform in April this year. In April this year, the IPO-bound Flipkart shared its intention to relocate its control from Singapore to India, a strategic decision that the home-growing e-commerce firm said, reflects “deep and involuntary commitment to India and its remarkable growth”. “We have been inspired by the government of India’s strong vision and proactive initiatives in promoting a flowering business environment and ease to do business, which has significantly shaped our journey. This move represents a natural evolution, which has aligned our hybrid structure with our core activities, the great potential of the Indian economy and our technology and our technology and our technology and our technology and our technology and our technology and our technology and our technology Farm, “said a Flipkart peak.