P2P startups look to overhaul biz, processes amidst RBI crackdown
Fintech platform Mobikwik, which runs Mobikwik Xtra in partnership with Lendbox, has mandated that all withdrawals will be done on the 12th of every month and said the proceeds will be credited to the investor’s bank account in three working days.
While BharatPe has stopped the P2P lending product, Cred has put all new investments on hold.
Other platforms like Faircent have mostly switched to offline channels to source investors and borrowers, working with investment advisors across the country.
“Platforms can never be 100% compliant because they cannot settle funds on a T+1 basis which the RBI wants,” said a senior industry executive on the condition of anonymity. “Currently the work is going around achieving at least 80-90% compliance with the reviewed directives.”
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