India’s financial sector is expanding quickly, and regulatory scrutiny is intensifying. For MFIs, NBFCs, and Small Finance Banks, compliance demands are no longer optional but central to maintaining credibility, investor trust, and growth. Traditional Excel-driven compliance reporting is slow, error-prone, and costly—making it harder for institutions to demonstrate timely and systemic adherence to regulations.
India’s gold loan market is expanding rapidly, projected to reach USD 124.45 billion by 2029. While this growth brings opportunity, it also increases risks such as fake or substandard gold, valuation errors, branch-level malpractices, and regulatory non-compliance. Internal audit teams in NBFCs and banks play a vital role in managing these risks—but manual or semi-digital audit practices often fall short. Traditional approaches involve multiple manual handoffs in data handling, communication, and reporting. These delays extend the resolution of issues, such as excess valuation, from 21–60 days, while also increasing costs, complexity, and the likelihood of errors.
Luxury retail thrives on accuracy and trust. But as store networks and product lines expand, manual audits that rely on spreadsheets and paper forms often create delays, errors, and blind spots. For brands managing high-value inventory, even small inconsistencies can lead to costly risks and reputational damage.
Microfinance Institutions in India are experiencing rapid expansion, with new centers, members, and borrowers driving growth. While this momentum creates opportunities, it also places immense pressure on internal audit teams. Without effective controls, rapid growth can lead to increased operational costs, weakened oversight, and sustainability risks. Digitization of internal audits offers a practical solution. Rather than simply adding staff, MFIs can strengthen capacity, control, and efficiency through digital audit systems that streamline operations and reduce cost escalations.
Bangalore Corporate Office
Clayworks Shankara, 2nd Floor,
No. 82/2, H&G Shankaraa
Doddakallasandra, Kanakapura
Main Road Bengaluru - 560062
Copyright 2021 Sumeru Technology Solutions Private Limited
.svg){kind=small}
