Reserve Bank of India (RBI) Governor Urjit Patel  Rahul Bhaskar, does not possess a credit card nor does he have relevant credit history. A 23-year-old software engineer, he has been denied a Rs 20,000 ($300) loan to purchase his favorite smartphone by more than one bank. To fulfill his dreams, Rahul has decided to borrow money from local startups such as Cashe and SlicePay. The above example is not just one incident but rather a pattern that has emerged over the past few years; India has witnessed a spike in bad loans and non-performing assets that has resulted in more vigilant traditional lenders, especially nationalized banks. This cautious environment has increased the demand for alternative means of lending for small businesses and individuals. According to startup research platform Tracxn, last year 64 alternate lending startups were founded in India, and this year has seen birth of 34 of such firms – making India third ranked in terms of startups facilitati...