The onset of COVID-19 pandemic has completely changed the world in the terms of socialization, interaction, and the way we engage with others, thus accelerating the speed of digitization.
The future is approaching faster than expected. The economic repercussions of pandemic-induced lockdown are apparent. Although the GDP may be improving, the current global economic situation resembles a recession. Thus, the rising NPA crisis in India requires swift action and rapid adoption of technology by banks and other lenders. Recently, it is quite evident that the conventional methods of collection are no longer effective, and customers prefer omni-channel communication.
“The best way to predict a future is to create it” stands true for Nitin Purswani the brainchild behind Medius AI- an AI-Driven collections platform. A young & dynamic entrepreneur with numerous accolades to his name for flawless entrepreneurship, Nitin is bringing his vision to reality to solve India’s NPA crisis using AI. With an aim of accelerating the Indian economy by making it stronger and more resilient, the mission of Medius AI is to reduce the NPAs and bad debts and help banks overcome the operational and manual challenges associated with the debt collection process. Further, turn the crisis into an opportunity to retain customers and revenue.
Nitin Purswani, CEO & Co-Founder Medius AI says, “With India's economy expanding at a breakneck pace, the financial sector is also booming. Credit is rising rapidly as well, but so is delinquency.”
And, in the current environment, where the NPA level is predicted to increase from 7.5 percent in 2021 to 11.2 percent in March 2022, RBI has issued various warnings about rising NPA levels”.