Mumbai, 02 May 2019: Lending has been one of the oldest professions in the world. Post the evolution of Fintech in India, Digital Lending has gained popularity in tier-1 cities but rural India remained hesitant in adopting the new digital ways. India resides in villages and rural populations are still hugely dependent on traditional financing systems & unorganized lending practices for their credit requirements. There are several factors that keep them away from digital financing tools.
India’s emerging Peer-to-Peer (P2P) lending platform PaisaDukan has recently opened its first rural operations office in Madhubani district of Bihar on pilot basis to evaluate the various possibilities in rural sectors for borrowers & lenders. The platform has received a significant response and results are paving the way to explore new avenues. Within first 1 month of its operation through its rural branch the company received 105 loan applications, disbursed INR 14,05,000 amount and processed 38 applications so far.
PaisaDukan has strived towards bringing the unregulated lending in the rural segment to the regulated scenario, promoting digital lending and financial inclusion. The company is also expecting ease of regulations for sector growth & business expansion.
“From the day of inception, PaisaDukan is working towards financial inclusion. Presence of an office in rural hinterland will not only enable last mile credit facility in India to cater the under-served through Peer-to-Peer (P2P) lending but will also provide an attractive investment avenue for investors on the platform”, said Mr. Rajiv Ranjan, Founder & CMD PaisaDukan.
“For generations, people in villages have been borrowing at exorbitantly higher interest rates. Success of P2P lending will be a game changer owing to deep research done, surveys conducted and response received from such areas. We are committed to establish an alternate banking system in rural areas for all credit needs.”
“Lastly, NBFC-P2P in India has started gaining trust gradually and in coming years it would revolutionize the whole financial system through a greater financial inclusion than any other sector” added Mr. Ranjan.