Team Blitz India
NEW DELHI: The peer-to-peer (P2P) lending industry is currently in a recalibration phase as companies are awaiting clarity from the Reserve Bank of India (RBI) on specific issues. Some platforms have scaled back on their partnerships with large consumer-facing companies and witnessed a slowdown in growth.
The RBI has increased scrutiny of P2P lending platforms after they were said to have flouted guidelines by underplaying risks through promises of high or assured returns. The central bank has sought information about financials, onboarding process, customer profiles, agreements with lenders and IT systems.
“In my view, the growth has slowed down. The business itself has not de-grown. It is mostly about the marketsentiment – there is some negativity, people are just skeptical about how things will move forward,” Co-founder of a P2P lending platform said.
