Cred tweaks P2P lending platform Mint to abide by latest RBI norms
Fintech platform Cred is tweaking its peer-to-peer (P2P) lending platform Cred Mint to bake in the latest regulatory changes brought in by the Reserve Bank of India (RBI).
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The RBI updated the directions on P2P lending in September 2024.
Speaking with ET, Kunal Shah, founder of Cred, said that the Indian fintech ecosystem is such that regulations are evolving and fintechs need to abide by them to offer the products in the right way.
«We have just tweaked (the P2P product) based on the current regulations. We realised that we would have to onboard new customers in the new regulations format, we are doing that,” he said. Shah added that the product is not moving at the same momentum as it was previously, but will be in line with the regulatory guidelines.
Cred launched loans against mutual funds on Tuesday, its first secured credit product. ET had written about Cred’s plans in secured lending in June last year. While commenting on the lower spreads in secured lending, Shah said that products like these build trust with the brand which will in the long run help the platform generate more revenue from the business.
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