Industry sources say that a customers have majority of migrated to fixed-tenure products from instant liquid funds in recent months. As a result, the impact on the overall business of platforms is considered insignificant.
"In the last six to seven months, we have slowed down on instant withdrawal products. We will wind it up by March 31. We do not see any material impact on the business," a senior official at a leading P2P platform said on condition of anonymity.
In January, the Association of P2P Lending Platforms in India asked its members to stop offering instant withdrawal products after March 31. LenDenClub, Liquiloans, Faircent and Lendbox are among the noteworthy P2P platforms in the country.
Following the industry-wide decision, Liquiloans has written to its business partners informing them that it would pause the instant withdrawal option for all new lenders. Various platforms are in the process of migrating existing customers to fixed-tenure products. Consumer-facing platforms like Cred and Bharat Pe offer P2P as an investment opportunity for their users in partnerships with Liquiloans and LenDenClub.
"We guided all platforms to roll back the instant withdrawal feature. The idea was to migrate a majority of users to tenured products. Ultimately, the decision was taken unanimously for the betterment of the industry," said Bhavin Patel, cofounder of LenDenClub and vice president, Association of P2P Lending Platforms.
This story is from the March 27, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 27, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Murdoch ally helps Ambani build media empire in India
SOHEE KIM PR SANJAI
Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?
GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.
Nestle adds sugar to infant milk and cereal, finds report
A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.
India-made Daimler's electric mini truck to hit the road soon
INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.
Samsung eyes ₹10,000 cr from India TV biz this year
SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.
Microsoft AI Copilot speed boost for coding
WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.
US, China debt pose risks for global public finances: IMF
THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.
Language models in consumer tech
This move is designed to ensure better user experience & privacy
'Data centres' energy use doubles every four years'
Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.
Vi FPO: Foreign players invest big; about ₹5,400 crore raised
GQG, Fidelity buy almost 40% of the anchor investor portion
