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RBI Benevolent on P2P Startups !!! After Faircent, Now OML Technologies Receives Its Certificate of Registration

In December 2017, OMLP2P applied for registration as a peer-to-peer lending platform under the RBI Direction released by the regulator in October 2017.

OML Technologies Private Limited, the owner and operator of OMLP2P, an online Peer-to-Peer lending marketplace, has received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), thus officially establishing itself as an NBFC-P2P. 

Commenting on the same, Spokesperson, Surendra Kumar Jalan – CEO of the company, OML Technologies P. Limited, said, “With a business model that was compliant with all regulatory requirements as laid down by the RBI last year, we were the first peer-to-peer lending company in India to apply for registration as an NBFC-P2P. Receiving the Certificate of Recognition is a significant milestone that heralds a new phase of growth for the company, as well as for India’s P2P lending sector.”

OML Technologies Private Limited was incepted in 2016 in Mumbai, India, and actively spent time researching and developing a process that allowed for convenient and profitable P2P lending for the Indian economy. The company has meticulously designed its process to ensure regulatory compliance, customer convenience, transaction transparency, and repayment support to create a business model that the company intends to use to make itself the market leader in the nascent P2P lending sector in India. 

Currently the company is present in 32 cities across India, the NBFC-P2P plans to enter another 40 cities in the near future; resulting into a presence of 72 Cities across India (these 72 cities cover more than 90% of lending business of India). The promoters of the company also head OHMY Loan Private Ltd, an RBI-registered NBFC that facilitates finance for MSMEs in the country. 

Commenting on the same, Pramod Kumar Akhramka, Managing Director and Founder said, “We have the unique advantage of serving the lenders and borrowers across India in a cost effective manner with the shortest TAT (turnaround time), benefitting both borrowers and lenders. Our platform also ensure and help financial inclusions of masses not having access to avail credit for their requirements.”

The company uses a proprietary algorithm and compliance - friendly KYC process to ensure that both borrowers and lenders on their platform have all the required information to make their funding and borrowing decisions. Their offerings are poised to disrupt the Indian financial ecosystem, in which young professionals and MSMEs are often denied access to credit from legacy financial institutions due to their lack of a transactional and credit history. The company collaborates with CRIF High Mark and CIBIL and uses its cutting-edge algorithm to ascertain the actuarial risk involved in providing credit to a borrower on the platform. The platform also enables borrowers and investors to diversify their transactions, which enables efficient disbursal of credit and risk amongst multiple investors.

Last month, Faircent.com has received its NBFC-P2P certification from the Reserve Bank of India (RBI). The accreditation makes Faircent.com the first P2P lending platform in the country to receive the certificate of registration as an NBFC-P2P by the national regulator.


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rbi P2P Startups Faircent OML Technologies

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