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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[RAMESH BABU N]

Upto 5L is secured and covered under RBI. That include Principal + Interest.
Only banks are insured under DICGC, not NBFC. So FDs from Bajaj Finance, Shriram & other NBFCs will not be secured

That's the RBI's scheme.

ARE YOU SURE THAT THOSE CHAPS/APPS HAVE TAKEN THAT DICGC COVER AND PAID THE NEEDED PREMIUM TO DICGC ?

ARE YOU SURE YOUR MONEY IS INCLUDED IN THAT COVER ?

WHAT IF THE COVER IS FOR 5 CRORES AND THEY HANDLE 500 CRORES OR 5000 CRORES ?

WRONG REPORTING WILL NOT GIVE PROTECTION.

 

[Daunt]

That's the RBI's scheme.

ARE YOU SURE THAT THOSE CHAPS/APPS HAVE TAKEN THAT DICGC COVER AND PAID THE NEEDED PREMIUM TO DICGC ?

ARE YOU SURE YOUR MONEY IS INCLUDED IN THAT COVER ?

WHAT IF THE COVER IS FOR 5 CRORES AND THEY HANDLE 500 CRORES OR 5000 CRORES ?

WRONG REPORTING WILL NOT GIVE PROTECTION.

From what I know it apps like stable money works like a mediators between banks and customers with good onboarding. All the FDs are getting in the books of the selected bank So lets say if my FD is in a bank, then it is automatically covered under DICGC.

 

[RAMESH BABU N]

.... So lets say if my FD is in a bank, then it is automatically covered under DICGC.

Confirm that bank had paid the premium to DICGC - for EACH and EVERY YEAR. See their audited balance sheet and quarterly figures.

PSU Bank top executives do not have a personal interest in window dressing n showing more profits than the REALISTIC scenario of their bank's financial position n figures.

Private Banks and SFBs and NBFCs - the story is different.

You decide based on your study, and experience and risk taking capability.

 

[Ram1]

That's the RBI's scheme.

ARE YOU SURE THAT THOSE CHAPS/APPS HAVE TAKEN THAT DICGC COVER AND PAID THE NEEDED PREMIUM TO DICGC ?

ARE YOU SURE YOUR MONEY IS INCLUDED IN THAT COVER ?

WHAT IF THE COVER IS FOR 5 CRORES AND THEY HANDLE 500 CRORES OR 5000 CRORES ?

WRONG REPORTING WILL NOT GIVE PROTECTION.

Tqs for the insights sir

 

[Tocoliso]

We see the mobikwik will return the money only in Jan 2026. What options or remedies we have?

Does anyone know what is the split of the Interest and Outstanding in the payments we are receiving?

 

[RAMESH BABU N]

We see the mobikwik will return the money only in Jan 2026. What options or remedies we have?

Does anyone know what is the split of the Interest and Outstanding in the payments we are receiving?

Forget about interest.
Appropriate whatever you got so far and whatever you get going forward, FIRST account for the PRINCIPAL.
One can't afford to lost the corpus. Interest is secondary.

 

[HumorSimpson]

... Appropriate...

You mean appreciate?

 

[RAMESH BABU N]

You mean appreciate?

IT IS APPROPRIATE (meaning - to account for).

I did NOT mean "appreciate" at all.

 

[Ram1]

Forget about interest.
Appropriate whatever you got so far and whatever you get going forward, FIRST account for the PRINCIPAL.
One can't afford to lost the corpus. Interest is secondary.

Yeah it seems they won't return principal fully. We getting less amount than the quoted amount in app because some of the loaned persons not paying back. By this ratio, after 24 months, some principal will be missed.
Ur insights on this?