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IndiaMoneyMart Receives NBFC-P2P Certification From RBI

Press Trust of India  |  MUMBAI 

/ -- has announced that it has been granted NBFC-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 to expand operations and target loan disbursals worth INR 100 Cr by FY 2018-19. It is an encouraging milestone to enable (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 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 IndiaMoneyMart offers 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 sought by salaried borrowers in major metros.

Mahendra Agarwal, 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 underwriting algorithms and invest in human capital."

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 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 IndiaMoneyMart enables lenders to invest and grow wealth, while borrowers are able to save by raising affordable

URL:

https://www.indiamoneymart.com/

Playstore Link: https://play.com/store/apps/details?id=com.fv.imm&hl=en_IN

iOS Appstore Link: https://itunes.apple.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 15:01 IST
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