Mobikwik Xtra discontinues Flexi & Plus. Withdrawal also paused.

[simplewarrior]

Mobikwik has stopped withdrawals for its both plans Flexi & Plus, Full withdrawal of invested amount also stopped.

From now on, repayments will be in installments.



Mobikwik reinvested P2P lenders' money without their consent:

Thread 'Mobikwik reinvested P2P lenders' money without their consent'

Sep 8, 2024

Mobikwik Xtra is a peer-to-peer (P2P) lending platform that partners with Lendbox to facilitate P2P lending across the country. However, Mobikwik and similar platforms were somewhat misleading their customers by advertising these platforms as offering a 12% fixed income opportunity with the ability to withdraw money anytime. As a result, the RBI had to step in and introduce a new set of guidelines for such companies and their customers, effective from August 16, 2024.

According to the "Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform," dated August 16...

• TechnoFino
• mobikwik mobikwik p2p scam mobikwik scam mobikwik xtra p2p p2p
• Replies: 277
• Forum: Banking Complaint

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[Aryan Raj]

Guys see this mobikwik support team reply me after two days, when i start #retrunmymoney Mobikwik on twitter..

 

[gobalvarman]

Mobikwik has stopped withdrawals for its both plans Flexi & Plus, Full withdrawal of invested amount also stopped.

From now on, repayments will be in installments.

View attachment 67224

Hi all,
I also invested in mobikwik both flexi and xtra plus. I contacted mobikwik customer care. They said that , they updated tnc according to RBI norms. & I askd about withdrawals too . They assured me that Funds can be withdrawn completely or can be re invested for 1 year ( standard lock in period after rbi update) for those who are invested in flexi and xtra plus ( who had maturity before September 12 ) . For those who are invested in xtra plus with certain lockin period ( ie., maturity after September 12) will receive monthly interest, funds can be withdrawn/ re invested if they have maturity on or before 12th of every month.. this is as per customer care statment. Hope for the best. If anyone is have , new information/update regarding this, keep us updated. Thank you .

 

[gobalvarman]

You will get option to withdraw a part of principal amount and complete interest accrued for that month. Basically they have converted this as loan repayments, so just like we pay bank the loan amount on each installment (principal +interest). This is what P2P was supposed to be according to RBI guidelines.

View attachment 67228

Hi all,
I also invested in mobikwik both flexi and xtra plus. I contacted mobikwik customer care. They said that , they updated tnc according to RBI norms. & I askd about withdrawals too . They assured me that Funds can be withdrawn completely or can be re invested for 1 year ( standard lock in period after rbi update) for those who are invested in flexi and xtra plus ( who had maturity before September 12 ) . For those who are invested in xtra plus with certain lockin period ( ie., maturity after September 12) will receive monthly interest, funds can be withdrawn/ re invested if they have maturity on or before 12th of every month.. this is as per customer care statment. Hope for the best. If anyone is have , new information/update regarding this, keep us updated. Thank you .

 

[087sandy087]

Reply received through mail from grievance@mobikwik.com

To address your query, we’ve provided detailed information about the recent regulatory changes affecting our Xtra product offering.
Please visit the following links for more details and FAQ : https://rb.gy/9e5r7r and https://rb.gy/54f89h.


Hope this will provide some mental relief.

 

[iampqq]

L@de lag gye

 

[yolofino]

Mobidick strikes again

 

[tanujsheoran]

what about 12 percent club, can face similar issues

 

[HumorSimpson]

what about 12 percent club, can face similar issues

the fate is same with all, they merged everything into one entity. You are a lender and some borrower has loaned it. mobikik is just become a p2p loan app here .

 

[Sahil_07]

can we withdraw full amount on 12th sept? There was no lock in period when we had deposited the money,so why should we wait? Cant we make a complaint in rbi ombudsman and take extra compensation ?

 

[iampqq]

the fate is same with all, they merged everything into one entity. You are a lender and some borrower has loaned it. mobikik is just become a p2p loan app here .

Distributor* hai mobi

 

[iampqq]

can we withdraw full amount on 12th sept? There was no lock in period when we had deposited the money,so why should we wait? Cant we make a complaint in rbi ombudsman and take extra compensation ?

Tuje compensation ki padi hai
Jo dala hai vo tho ajane de

 

[suhasa010]

Reply received through mail from grievance@mobikwik.com

To address your query, we’ve provided detailed information about the recent regulatory changes affecting our Xtra product offering.
Please visit the following links for more details and FAQ : https://rb.gy/9e5r7r and https://rb.gy/54f89h.


Hope this will provide some mental relief.

Big fat browny smelly BS!!!

 

[Sahil_07]

Tuje compensation ki padi hai
Jo dala hai vo tho ajane de

if rbi instruct them to compensate, obviously they will ask them to return the money if customer demand, they may grant some fixed time, as our money has already been distributed to multiple users,but atleast we should get principal + fixed 12 % as was the case before

 

[tanujsheoran]

12 percent club distribute your money to multiple users for risk free, and P2P money is safe just like your frnd they will return money but when....😎😎

 

[dealseeker]

Mobikwik has stopped withdrawals for its both plans Flexi & Plus, Full withdrawal of invested amount also stopped.

From now on, repayments will be in installments.

View attachment 67224

Don't click on I understand
It is trap, as per RBI guidelines lenders should give explicit consent regarding understanding of new terms.
Xtra and Lendbox violating RBI guidelines and I raised this issue with RBI. Now Lendbox replied to me that they are going to update system in 2-3 days with repayment options.
Bumb this post

 

[dealseeker]

Guys see this mobikwik support team reply me after two days, when i start #retrunmymoney Mobikwik on twitter..

U can see updates here.

 

[dealseeker]

Sabka band bajega abh😑😑😑
Just waiting for 12th of this month to withdraw as much money as I can. 😑😑😑

Only 1/12 part of ur investment will be available to withdraw 😀

 

[iampqq]

Only 1/12 part of ur investment will be available to withdraw 😀

Rula mat yar

 

[Sahil_07]

Rula mat yar

This is the biggest finance related group in India. Please everyone ask admin to make a youtube video against Mobikwik , and also eveyone should complain in twitter and rbi ombudsman

 

[yolofino]

Never invested any money into mobidick because their ethics and management is questionable. Reaslised this while using the app (so many dark patterns & annoying popups) & paying bills a few years ago.