P2P investors take to social media to vent against new RBI rules
guidelines issued by the Reserve Bank of India in August has started to show its impact on the fintech sector. Multiple applications that were using the P2P route for investments and lending to their customers are either stopping these services or restructuring the product.
Gurugram-based fintech firm MobiKwik has stopped instant withdrawal facilities for investors on its P2P investment platform ‘Xtra’. It works as a customer-sourcing channel for Lendbox, an RBI-registered P2P platform.
Two people in the know said Bengaluru-based Cred, which runs the Mint P2P investment platform in partnership with Liquiloans, has stopped taking fresh deposits.
Fresh deposits had stopped on Cred sometime back, after regulatory scrutiny went up on P2P investments earlier this year, one of the people said.
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“In line with the updated NBFC-P2P master directions issued by the RBI on August 16, 2024, MobiKwik which acts as a channel partner to its NBFC- P2P partner, Lendbox, has made certain changes to Xtra as per their requirements. Lendbox has restructured the product as per the new master direction which has resulted in stoppage of anytime withdrawal,” said a MobiKwik spokesperson, responding to ET’s queries.
Some of Mobikwik’s investors have taken to social media channels like ‘X’ and Reddit to flag their concerns around changes in their investment terms and conditions.
“Received an email today from MobiKwik regarding certain changes they have (made) to
