Author: Debapama Dhar, Lender Relations
13th July 2018
Cashkumar has received a valid Certificate of Registration dated 10th July, 2018 issued by the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934. With this, we have become the first company in Bangalore to have secured an NBFC-P2P license from RBI. Let’s look at a brief journey from the past that led to where we are today.
We started our journey in Peer to Peer Lending in India from July 2016. From then on there was no looking back, as in November 2016 we were chosen as one among 10 startups in India chosen by UK Department of International Trade (UKTI), which was a joint collaboration between the governments of India and United Kingdom.
Our SEO strategies and campaigns paid off and in the month of December 2016, Cashkumar was recognized as one of the most sought out platform for Short Term and P2P loans in India. After months of effort and hard work by the team, we were recognized as a people friendly player with a MoM Growth of 25% in 2017.
Meanwhile our achievements touched a newer height when our CAGR went upto 18%. The year 2018 too seemed to be a very promising year, as due to our increased efforts for continuous improvement, we got in the eyes of investors and we were able to make our first round of funding during the second quarter which enabled us to enhance our operations multiple folds.
Having disbursed over 1200 loans and with over 250 positive customer reviews on Google and with consistent return on investment to lenders, we are poised to become the best P2P lending platform in India in a very short time.
Peer to Peer (P2P) Lending platform: is one which connects verified borrowers who are seeking a loan to a group of registered lenders who can disburse the same and get returns on their investment in the form of monthly EMIs.
NBFC-P2P: is a registeredt non-banking institution recognized by the Reserve Bank of India, which carries out the business of P2P lending in India.
An NBFC-P2P shall become a member of all CICs (Credit Information Companies) and will be submitting the data to them regular intervals on a month basis. Hence, all the borrower payment details will now be monitored and recorded.
You can read the Master Directions from RBI in more detail here.
We aim to consistently provide best services to our existing and new customers. We have expanded our operations over the past few months and our growth has come over in leaps and bounds. Keep following us for newer updates.
Note: The company is having a valid Certificate of Registration dated 10th July, 2018 issued by the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934.