wordpress blog stats
Connect with us

Hi, what are you looking for?

Fintech startup BigWin gets P2P license from RBI, to launch Paisadukan.com

Fintech startup BigWin Infotech has received a license from Reserve Bank of India (RBI) to launch its P2P lending platform called www.paisadukan.com. The platform will offer loans on behalf of matched borrowers and investors. It will also provide legal and recovery support, principal protection, and evaluation of credit risk by a proprietary algorithm, it said on its website.

All NBFC firms regulated by Reserve Bank of India (RBI) in India. According to the guidelines, the P2P platforms will act as only as an online intermediary and not raise deposits. These platforms will only act as a facilitator between different parties, and cannot provide any credit enhancement or credit guarantee. The RBI also directs that these companies cannot cross-sell other any product except for loan specific insurance products, and are not permitted international flow of funds. Also, the P2P lending platforms are supposed to undertake due diligence on the participants including credit assessment and risk profiling of the borrowers and disclose the same to their prospective lenders. They will also have to take prior and explicit consent of participants to access their credit information. The guidelines add that, the platforms will have to provide assistance in disbursement and repayments of loan amount and render services for recovery of loans originated on the platform.

In a statement, the Mumbai-based company said that our platform is ready and that it is going to launch its marketplace PaisaDukan.com along with mobile app shortly.

Along with this, the company also raised Rs 1.5 crore from a group of undisclosed angel investors to expand its workforce. We presume that the workforce expansion will be for the newly launched lending platform PaisaDukan.com.

Competition

Paytm is reportedly trying to enter the lending space and is seeking a license from the Reserve Bank of India (RBI) to become a peer-to-peer lending platform. Paytm Money, the payments company’s wealth management arm is set to begin operations as soon as the company receives approval from the Securities and Exchange Board of India (SEBI). It was reported that One97 Communications, Paytm’s parent company, will invest $10 million upfront in the newly created wealth management arm.

Mobikwik too is working on the launch of a lending product that will offer instant credit to customers directly from its app.

Advertisement. Scroll to continue reading.

Recently The Times of India Group entered lending space with CreditLine. Other players in this segment are like Capital Float, NeoGrowth, Paytm-backed CreditMate, CASHe, LendingKart, MoneyTap, EasySalry, Faircent, LoanMeet amongst others. Ecommerce players are too eyeing this place, Flipkart already is in process of tapping fintech space. Meanwhile,  Amazon recently invested $22 million (Rs 144 crore) in a lending company Capital Float. Note that this was Amazon’s third investment in the financial technology space in India. In 2015, Amazon had earlier invested in BankBazaar and Qwikcilver Solutions in 2015.

Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create an repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ