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In an effort to represent the NBFC-P2P lending industry at international forums, an association of NBFC P2P Platforms has been formed.
The association will work in conjunction with various government and regulatory authorities on matter of compliance. The objective of newly formed association is to establish NBFC-P2P industry in the country and make it more credible, while having a cohesive work force for this new born industry.
Pramod Akhramka, Founder, OML P2P, would be the association’s President, Rajiv Ranjan, Founder, PaisaDukan, would be Secretary and Mukesh Bubna, Founder, Monexo, would be its Treasurer.
Akhramka said, “Peer-to-peer lending has emerged as new source of alternate financing globally and paving the way to evolution in this sector in the country. Our objective is to create awareness about peer-to-peer lending in India, as well as promoting its merits among individual and institutional customers. The Association will work actively to make some strategic partnerships and collaborations with other stakeholders in the banking and finance industry.”
More credibility, transparency
Given the government and the Reserve Bank’s decision to include peer-to-peer lending as a part of the national financial regulatory framework, the industry’s prospects in coming years are extremely promising. The association and its members will ensure the utmost cooperation with the regulators, facilitating the industry’s expansion on various fronts.
“The phenomenon of P2P lending has emerged as an enabler to bring in large number of unbanked people into financial system directly and rapidly. The Association would help in bringing more credibility to the segment that is growing at a faster pace at present,” said Rajan.
Bubna, said, “Association will set-up P2P industry standards that will bring in more transparency to the industry. Right now it is a nascent industry in India, however, by promoting it as an innovative product for alternative finance, peer-to-peer industry will help financial inclusion in coming years.”
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