IT'S BEEN MORE than a month since the Reserve Bank of India's (RBI) new regulations on peerto-peer (P2P) lending took effect, but the industry is still struggling to adjust. Several platforms have experienced a sharp decline in their business, with some even seeing volumes drop by 90%.
"Since the new regulations came into force, our volumes have dropped by 90%. We've resumed accepting new investments, but a new product we've introduced is not drawing lenders," says Bhuvan Rustagi, Co-founder and COO of LendBox, a major P2P lending platform.
The P2P lending model allows individuals to provide loans to others through RBI-regulatedNBFC (non-banking financial company) platforms that connect lenders with borrowers. These platforms serve as intermediaries, facilitating transactions and overseeing repayments.
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Denne historien er fra October 13, 2024-utgaven av Business Today India.
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