Faircent.com becomes the first P2P lending platform in India to receive its NBFC-P2P certification from the Reserve Bank of India (RBI). Faircent is touted to be India’s largest peer to peer lending website which caters to retrial and business loans.
On the P2P platform people with spare money are able to lend directly to people looking to borrow – this eliminates the intermediary thereby effecting the margins. Faircent also claims to be the first P2P lending platform to launch mobile apps for lenders and borrowers to transact on the go.
Claiming that Faircent has played a “pivotal role” in helping the Indian online P2P lending sector gain regulatory recognition, Faircent.com’s founder and CEO, Rajat Gandhi, said, “To be the first player in the sector to receive an NBFC-P2P certification from the RBI is a very significant milestone for us.” He went on to add, “This development further bolsters our resolve to take financial inclusion to every last Indian through technology and to address the country’s credit deficit with our innovative tech-led offerings.”
While still in its nascent stage, the P2P segment in India is driven to enable seamless access to credit for borrowers while also creating a high-potential avenue of wealth creation to investors across the country. The segment is projected to be worth $4-5 billion by 2023.
Vinay Mathews, Founder and COO – Faircent.com, added, “Our effort, from the very beginning, has been to create a robust tech platform which facilitates seamless flow of credit across India by connecting borrowers directly with individuals holding surplus funds.” He added, “The RBI certification is a regulatory validation of our business model and tech-led approach, and adds immense credibility to our operations.”
The growing proliferation of digital transactions, recent fintech innovations, and increasing demand for affordable credit has already been driving the growth of P2P lending platforms in India. Given such positive market sentiment around P2P lending, the certification from the RBI will help Faircent.com gain more traction in the mainstream financial market and strengthen confidence amongst borrowers and investors alike. The platform claims to currently have more than 40,000 registered lenders and 3.5 lakh registered borrowers and has facilitated over 6,000 loans cumulatively till date.