The Problem at Hand<\/strong><\/p>\nIndia\u2019s thriving economy boasts over 1.29 crore registered GST taxpayers and more than 6.30 crore registered Micro, Small, and Medium enterprises, with an increasing number of unregistered business owners. A substantial portion of business transactions is now carried out through credit systems, often with predetermined periods such as 60 or 90 days. According to statistics, approximately 54.7% of total B2B sales in India are made on credit terms, resulting in an average of 29 crore invoices raised per month by GST-registered taxpayers.<\/p>\n
However, the alarming reality is that late payments and bad debts have become pervasive, hindering businesses\u2019 cash flow and economic growth. Research indicates that 94.7% of businesses experience late payments, with 10% of B2B receivables eventually written off as uncollectable debts. Small and medium-sized entrepreneurs are estimated to be owed a colossal 3.89 lakh crores in overdue payments, leaving substantial money in the wrong hands.<\/p>\n
CREDBAL\u2019s Innovative Solution<\/strong><\/p>\nCREDBAL seeks to address this pressing problem head-on by introducing an innovative credit rating system. Through its state-of-the-art online platform, CREDBAL assigns a financial score to each individual and business entity, unveiling critical information about their credibility, trustworthiness, financial stability, and past repayment behaviour.<\/p>\n
Using a meticulous and well-defined algorithm, CREDBAL integrates data, and information users provide on various components, including the value of outstanding credit (excluding bank loans), the period of such credit, and the number of extensions of due dates availed. This comprehensive evaluation empowers users to make informed decisions when dealing with unknown parties, mitigating the risk of late payments and defaults.<\/p>\n
\u201cWe are in the digital world. It\u2019s the need of the hour for an open online platform to disclose the credibility and trustworthiness of the people based on their financial obedience. With CREDBAL, we are determined to develop a credit environment that fosters reliability, empowers growth, and strengthens the foundation of India\u2019s economic prosperity,\u201d said\u00a0Mr Karunahara, Co-founder, CREDBAL<\/strong><\/p>\nBenefits for Businesses and Individuals<\/strong><\/p>\nCREDBAL offers an array of unique advantages for both sellers and buyers, transforming the credit landscape in India:<\/p>\n
Benefits to Sellers:<\/p>\n
\u2013 Pre-supply knowledge about buyers\u2019 financial stability and repayment nature.<\/p>\n
\u2013 Enable decision-making on extending high-value credits or opting for immediate cash payments for supplies.<\/p>\n
\u2013 Identify and avoid high-risk credit sales, protecting business interests.<\/p>\n
\u2013 Enhance the credibility of sellers, as defaulting buyers\u2019 names will be displayed on the default list, deterring them from future credit-based transactions.<\/p>\n
Benefits to Buyers:<\/p>\n
\u2013 Prompt repayment history allows buyers to demand more credit, fueling business expansion.<\/p>\n
\u2013 Reduced purchase costs compared to competitors with a higher credit purchasing capability.<\/p>\n
Beyond Business Transactions<\/strong><\/p>\nBeyond its immediate impact on business transactions, CREDBAL holds the potential to shape various aspects of Indian society. The platform can be utilized during weddings, where individuals can assess each other\u2019s financial stability before entering into matrimonial commitments. Additionally, CREDBAL\u2019s platform can be employed when purchasing immovable or movable properties on credit, providing valuable insights into the financial responsibility of potential buyers.<\/p>\n
Driving India Towards a \u201cBad Debts Less Economy\u201d<\/strong><\/p>\nCREDBAL believes that its innovative platform, backed by sound data and algorithmic analysis, can significantly contribute to India\u2019s economic growth and business ecosystem. Just as \u201cCIBIL SCORE\u201d revolutionized the banking sector, CREDBAL aims to do the same for all business transactions, leading towards a \u201cBad debts less economy\u201d in India.<\/p>\n
Join the CREDBAL Movement<\/strong><\/p>\nBy providing an open and transparent platform for credit evaluation, CREDBAL aims to instil caution in the minds of people dealing with entities lacking trustworthiness. The platform will foster a more responsible and reliable credit environment for businesses and individuals.<\/p>\n
About CREDBAL<\/strong><\/p>\nCREDBAL, India\u2019s First operational credit information provider, is committed to promoting a \u201cBad debts less economy\u201d by offering reliable credit evaluations through its state-of-the-art online platform. Founded on the principles of transparency and accuracy, CREDBAL empowers businesses and individuals to make well-informed financial decisions, driving economic growth and prosperity.<\/p>\n
For more information about CREDBAL, visit:\u00a0https:\/\/www.credbal.com<\/a><\/p>\nIf you have any objection to this press release content, kindly contact pr.error.rectification[at]gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Mr Karunahara, Co-founder, CREDBAL Tiruppur (India), August 1:\u00a0 In a bold move to tackle the persistent challenges of delayed payments and bad debts in the Indian business landscape,\u00a0CREDBAL, India\u2019s First operational credit information provider, announced its ground-breaking online platform. With an unwavering focus on fostering a \u201cBad debts less economy\u201d, CREDBAL aims to empower entrepreneurs, […]<\/p>\n","protected":false},"author":1,"featured_media":15885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[35],"class_list":["post-15884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-news-networks"],"_links":{"self":[{"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/posts\/15884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/comments?post=15884"}],"version-history":[{"count":0,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/posts\/15884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/media?parent=15884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/categories?post=15884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsnetworks.co.in\/en\/wp-json\/wp\/v2\/tags?post=15884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"https:\/\/primexnewsnetwork.com\/wp-content\/uploads\/2023\/08\/Image-7.jpg\")
<\/p>\n