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.
This story is from the October 13, 2024 edition of Business Today India.
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This story is from the October 13, 2024 edition of Business Today India.
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