Companies

Google teams with HDFC Bank, ICICI, others for instant loans

“Google India on Tuesday said it has rebranded its Indian payments app Tez as Google Pay and is partnering four banks to provide instant loans for the app’s users. In the coming weeks, Google Pay users will be able to access customised loans from HDFC Bank Ltd, ICICI Bank Ltd, Federal Bank and Kotak Mahindra Bank Ltd with minimal paperwork, said Caesar Sengupta, vice-president of Google’s Next Billion Users Initiative and Payments, at the Google for India event in New Delhi. Once users holding accounts with these banks accept the bank’s terms, the money will be transferred to their accounts.”