IndiaMoneyMart Receives NBFC-P2P Certification From RBI
MUMBAI, January 8, 2019 /PRNewswire/ --
IndiaMoneyMart has announced that it has been granted NBFC-P2P Certificate from RBI (Reserve Bank of India). This validates the web and app-based platform's strong framework to make lending and borrowing transparent, digital and convenient in conformation to the regulatory requirements.
The accreditation will enable IndiaMoneyMart to expand operations and target loan disbursals worth INR 100 Cr by FY 2018-19. It is an encouraging milestone to enable IndiaMoneyMart (IMM) gain traction among investors seeking for alternative asset class and boost their sentiments. The product offers an opportunity to earn steady cash flow every month to the lenders as well as compound their earnings by reinvesting.
The Indian P2P ecosystem has seen growth in past few months driven by Government's initiative to catalyse digital transactions, increased penetration of e-wallets, and rising demand for affordable loans. IndiaMoneyMart offers loans starting INR 10K to INR 10Lakhs for a tenure ranging between 3 months to 36 months. The platform has seen a surge in small personal loans sought by salaried borrowers in major metros.
Mahendra Agarwal, Director of IndiaMoneyMart, says, "By granting the Certificate of Registration (CoR) to IndiaMoneyMart, RBI acknowledges the effective business model, tools, processes and systems put in place to make loan transactions transparent, easy and affordable. We are looking to scale our technology, strengthen credit underwriting algorithms and invest in human capital."
P2P lending has revolutionized the way borrowers seek loans and lenders invest idle cash. By recognizing this sector, RBI has a standardized regulatory level playing field to P2P platforms against the traditional financial institutions. Infact it has opened new avenues for collaborative growth.
About IndiaMoneyMart:
IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. initiative), is an RBI registered NBFC-P2P which enables users to take and give personal loans on the go using App or Web. The process is completely digital, transparent, convenient and hassle free. Lenders and borrowers enter into mutually agreeable loan transactions independently on a technology powered ecosystem through the comfort of their smartphones. IndiaMoneyMart enables lenders to invest and grow wealth, while borrowers are able to save money by raising affordable credit.
URL:
https://www.indiamoneymart.com/
Google Playstore Link:
https://play.google.com/store/apps/details?id=com.fv.imm&hl=en_IN
iOS Appstore Link:
https://itunes.apple.com/us/app/indiamoneymart-p2p-lending/id1347109712?mt=8
Media Contact:
Priyanka Singh
[email protected]
+91-9540068937
IndiaMoneyMart
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