RBI amendment on P2P lending

[Exewhyzee]

https://m.rbi.org.in//Scripts/BS_CircularIndexDisplay.aspx?Id=12721

RBI noted : 'It has been observed that some of these platforms have adopted certain practices which are violative of the said Directions. Such practices include, among others, violation of the prescribed funds transfer mechanism, promoting peer to peer lending as an investment product with features like tenure linked assured minimum returns, providing liquidity options and at times acting like deposit takers and lenders instead of being a platform. Such violations, when observed, have been dealt with bilaterally by the Reserve Bank of India for remediation.'

Some platforms have put temporary restrictions on withdrawals. Source : Moneycontrol.

 

[atulay]

Anyone still invested in P2P lending apps like CRED Mint, Mobikwik Xtra, 12% Club etc.?

 

[Dreams Of Desire 💓]

Very good decision. Violators should be fined heavily and their other license should be cancelled for lifetime

 

[Zacobite]

Anyone still invested in P2P lending apps like CRED Mint, Mobikwik Xtra, 12% Club etc.?

wait and watch on this one.. banks lobby pushing back via rbi to regain deposits

 

[Zacobite]

Anyone still invested in P2P lending apps like CRED Mint, Mobikwik Xtra, 12% Club etc.?

all withdrawn last night