Rajiv Ranjan, a former Infoscion along with Ambar Kasliwal, a Mumbai-based Chartered Accountant, has launched a fully-owned P2P lending marketplace platform.

Called PaisaDukan.com, it is a part of BigWin Infotech, a government recognised start-up and it aims to start operations from January 2018, company officials said. The startup is among a few who have applied for an NBFC ((non-banking financial company)-peer-to-peer (P2P) licence after RBI’s revised guidelines.

P2P lending was introduced in India about three years ago, and it has since emerged as a credible financing option for people who are denied financial loans from banking institutions.

As per the latest RBI regulations which were released on October 4, 2017, RBI gave P2P lenders a NBFC status and released a list of guidelines and directions for P2P firms, thus bringing them under the domain of legitimacy with a clear set of regulations such as process of registration, disclosure requirements and grievance redressal mechanism.

Rajiv Ranjan, Promoter and Managing Director, PaisaDukan.com, said that many people find it difficult to borrow loan from banking institutions for various reasons like income criteria or risk profile. “Our mission is to provide our clients with the finest financial platform to create a smart way of lending or borrowing money in a transparent manner,” he said.

“We are not limited to basic lending operations, we will also explore expanding our services into certain areas which financing institutions don’t foray into. For example, we will provide loans for functions like coaching classes for a student, which costs them lakhs of rupees, he added.

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