THE fledgling peer-to-peer lenders are in shock as they stare at a bleak future after the Reserve Bank has made changes in norms for a slew of violations.
The industry says there is no incentive for them to continue in the business that has nearly 20,000 crore in assets under management, or for new nonbanks to enlist them as nobody can make money with the new rules. A senior official at one of the top three P2P platforms told TNIE on Wednesday what the regulator did last Friday was a blot from the blue and came in at a time when the industry was about to spread its wings.
This story is from the August 22, 2024 edition of The New Indian Express.
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This story is from the August 22, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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