OMLP2P is First Player to become Register under RBI P2P Lending Directions
OHMY Technologies Private Limited, owner and operator of OMLP2P, an online Peer-to-Peer lending marketplace, has become the first company to apply for registration as a Peer-to-Peer lender under RBI directions released on 4 October 2017.
Says the company, OHMY Technologies Private Limited, the owner and operator of OMLp2p, an online Peer-to-Peer lending marketplace, has become the first company to apply for registration as a Peer-to-Peer lender under RBI directions released on 4 October, 2017. The business model of the company is completely in sync with the released directions according to the company.
Surendra Kumar Jalan, founder and CEO of OHMY Technologies, said, “RBI Directions on P2P lending platform will bring in credibility and acceptability to this nascent the financial industry of P2P lending platform. We have carefully constructed our business model and fundamentals to become compliant with directions. The top management of the company carries a vast experience in the field of banking, finance and technology, which is the core strength of the platform. RBI directions will also streamline the current industry business model and help gain confidence of prospective investors, lenders and borrowers”
The ‘Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ were released on 4 October, 2017, and came into force with immediate effect. Following this, no new company can carry on any P2P lending business without obtaining a Certificate of Registration from the RBI, while existing players have a 3-month window to apply for the Certificate. By being the first company in India to apply for the Certificate, OHMY Technologies and its platform, are expected to become the first RBI certified P2P NBFC under the directions, according to the company.
OMLP2P, an online Peer-to-Peer (P2P) lending platform, is a marketplace for individuals and businesses from the MSME segment. It facilitates loans online from lenders. The company leverages the extensive experience of its professional founders in the field of banking, credit, technology and finance to provide an online marketplace for prospective borrowers and lenders. The Platform assesses creditworthiness of a prospective borrower using its proprietary algorithm developed in consultation with CRIF HighMark, one of the leading credit bureaus. The platform monitors a loan till it’s fully repaid and does appropriate follow ups with borrower for timely repayment, making it easier for lenders to lend on the platform.