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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…

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