Press & Media mentions of Cashkumar

CGAP & Pensaar Design Partner with Cashkumar to Study Data Privacy

The peer-to-peer (P2P) lending market in India is a nascent one — with a rather modest size of about ₹300 crore. But it has the potential to scale up manifold.

Access to credit is one of the most painful points among the MSMEs in India. However, with alternate data, GST data stack and AI-driven algorithms, MSMEs are hoping for a change in the credit positions - P2P lenders have stepped up to take up the challenge.

Peer-to-peer (P2P) lending platforms facilitate lending and borrowing money online. With the ease of digital transactions comes the threat of data theft. ET.com spoke to Dhiren Makhija, CEO, Cashkumar, about the safety of personal and financial information shared on the P2P platforms.

The next time you are looking for an unsecured loan, make sure you reach out to the right lender. Accepting unregulated deposits will now be illegal. Government has brought an ordinance to ban unregulated deposit schemes (UDS) to protect individual investors from spurious lenders and Ponzi schemes.

The latest ordinance of the Banning of Unregulated Deposits (UDS) 2019, passed by the government will attract attention of small investors to invest though regulated institutions like NBFC-P2P platforms that provide highly transparent environment under the guidance of the RBI, said a P2P lending player.

The latest ordinance of the Banning of Unregulated Deposits (UDS) 2019, was passed by the government to provide a comprehensive mechanism to ban UDS as well as to protect the interest of depositors. This is in line with the Reserve Bank of India's guidelines on the NBFC-P2P sector, issued in October 2017 to regulate the unorganized lending business in the country.

Peer-to-peer (P2P) lending platforms offer themselves an easy solution to borrow money for short-term requirements. This could be buying consumer electronics, medical emergency, repay credit card dues, home renovation, business loan, travel loan, or other such needs.

"While a great boost to the P2P industry would be via the regulator easing lending caps, we look forward to a critical role from the finance ministry for better financial inclusion by extending SOPs to retail investors," says Dhiren Makhija, CEO, Cashkumar. "This could be in the form or a certain percentage exempt via Section 80C and also flexibility of handling defaults under a capital loss. These steps will ensure a great reach as an asset class and also better credit access to both individuals and MSMEs," adds Makhija.

To effectively assess the performance of peer-to-peer (P2P) lending platforms, the Reserve Bank of India (RBI) has directed licence holders of these firms to publish quarterly reports. These reports will include key information such as names of borrowers and lenders, their financial profiles, participant’s total exposure and the financial health of the lending platforms, a media report said.

Why peer-to-peer lending is struggling to take off in India It was just before he demitted office in 2016 that the then Reserve Bank of India governor, Raghuram Rajan, the darling of the digital financial services sector, released a consultation paper on peer-to-peer lending. P2P lending enables individuals to borrow and lend money through online platforms that match lenders with borrowers, and was expected to disrupt the consumer lending business, like what digital transactions have done to consumer payment.

ನೀವು ಓಲ ಅಥವಾ ಊಬರ್ ನಲ್ಲಿ ಪ್ರಯಾಣಿಸಿದಲ್ಲಿ ಈ ಸೇವಗಳು ಹೇಗೆ ಕೆಲಸ ಮಾಡುತ್ತದೆ ಎಂಬ ಅರಿವು ನಿಮಗಿರಬಹುದು ಅಥವಾ ಇದರ ಬಗ್ಗೆ ಎಂದಾದರೂ ಯೋಚಿಸಿರಬಹುದು. ಓಲ ಅಥವಾ ಊಬರ್ ಅಂತಹ ಸೇವಗಳ ಮೂಲ ಪರಿಕಲ್ಪನೆಯೇ ಬೇಡಿಕೆ (demand) ಮತ್ತು ಅಗತ್ಯತೆಗಳನ್ನು (need) ಹೊಂದಾಣಿಸುವುದು ಮತ್ತು ಅದರಿಂದ ಕಮಿಷನ್ ರೂಪದಲ್ಲಿ ಹಣಗಳಿಸುವುದು. ಈ ವ್ಯವಹಾರ ಮಾದರಿಯಲ್ಲಿ, ಸೇವೆ ನಿಡುವವನಿಗೆ ತನ್ನ ಸರಕನ್ನು ಸುಲಭವಾಗಿ ಮಾರುವ, ಗ್ರಾಹಕನಿಗೆ ತನಗೆ ಬೇಕಾದ ಸೇವೆ ಕೂತಲ್ಲೇ ಪಡೆಯುವ , ಹಾಗೂ ಇದನ್ನು ಸಾಧ್ಯವಾಗಿಸಿದ ವ್ಯಕ್ತಿಗೂ ಹಣ ಗಳಿಸುವ ಅವಕಾಶ ನೀಡುತ್ತದೆ.ಇಲ್ಲಿ ಎಲ್ಲಾ ಪಾಲುದಾರರಿಗೂ ಅನುಕೂಲ. ಇದೇ ಪರಿಕಲ್ವನೆಯ ಆಧಾರದ ಮೇಲೆ ಹುಟ್ಟಿಕೊಂಡ ಮತ್ತೊಂದು ಕ್ರಾಂತಿಕಾರಿ ಸೇವೇಯೇ “ಪಿ 2 ಪಿ” ಸಾಲ.

P2P lending platform Cashkumar is focused on short term loans for salaried individuals. The Benguluru-headquartered company sees a fifth of the loan demand coming from Hyderabad and so far has disbursed about Rs 2 crore loans. Its co-founder and chief executive officer Dhiren Makhija summarises trends happening to B Krishna Mohan

With the banks tightening their loose ends to curtail non-performing assets, often borrowing becomes a problem if one does not have a good credit score. In such cases, peer-to-peer (P2P) lending comes to the rescue.

While multiple P2P lending startups which have recently got licensed by the central bank have shown promising growth, industry insiders say that they are not being able to expand business quickly because of capital constraints.

The latest entrants into the digital lending sector, peer-to-peer lending platforms, are facing an uphill task attracting investors with regulatory restrictions limiting their growth potential. While multiple P2P lending startups which have recently got licensed by the central bank have shown promising growth, industry insiders say that they are not being able to expand business quickly because of capital constraints.

2018 was a landmark year for the peer-to-peer (P2P) industry. As many as 11 P2P players received the RBI licence to operate as an NBFC-P2P company. There were over 30 P2P platforms in India in 2016 but only a handful of them succeeded in obtaining the RBI licence so far.

Lending money to someone, ensuring regular interest payments, and eventually the return of principal on time -- it is a tough job. Sure, P2P platforms make the task a lot easier for lenders. However, first-time lenders on these new digital platforms still find the task arduous. Here are a few common mistakes you can avoid and make money on a P2P lending platform.

As the brewing financial and macroeconomic troubles take the sheen out of some asset classes, online peer-to-peer (P2P) lending is becoming an attractive option for high-risk-high-return investors. Disillusionment with mutual funds after the crisis in non-banking finance companies (NBFC), near-death of cryptocurrency market and diminishing returns from other asset classes have seen registrations on P2P lending platforms – loan aggregators – jump severalfold.

Many investors get excited the moment they hear that P2P lending can earn them higher double-digit returns. However, the very next moment they would ask: what happens if the borrower defaults? How do P2P companies handle such defaults.

The fintech industry has incredible growth potential in India and is yet to expand its market share. Rising smartphone penetration, a large population without bank accounts, government schemes to promote cashless economy, and development of UPI (Unified Payment Interface) will further increase the investment and business opportunities for the fintech industry. Till now, the funding activity in fintech firms by venture capitalists has centred around segments like mobile wallets, loan comparison, insurance aggregators, and payment platforms for online lending, payment gateway solutions, and personal finance management.

Instead of chasing customers for home and auto loans, fintech start-ups have caught on the travel bug that has bitten Indian millennials. Start-ups in fintech and peer-to-peer (P2P) lending platforms are devising strategies of attracting more millennials towards small-ticket loans ranging from Rs 10,000 - 200,000, which are being mainly utilised towards experiential travel.

If you need a loan for a medical emergency like a surgery, it might help to turn to your peers rather than institutions. Peer-to-peer (P2P) lending platforms say they have seen lenders willing to offer interest rates between 8% and 12% for medical emergencies on their platforms. On the contrary, if you try to raise funds as a personal loan from banks, the interest rate is likely to be between 13% and 17%. P2P technology platforms bring borrowers and lenders together, and most offer a variety of loans, including personal loans, vehicle loans, educational loans and — in some cases — even home loans. Most lenders tend to be individuals too.

October marks the beginning of a three-month-long festive season in India, starting with Navratri, followed by Dusshera and Diwali 20 days later. It is also the time when individuals go on a spending spree, at times stretching themselves too much. To cash in on the occasion, alternative lending platforms are considering limited period discounts.

Instead of chasing customers for home and auto loans, fintech start-ups have caught on the travel bug that has bitten Indian millennials. Start-ups in fintech and peer-to-peer (P2P) lending platforms are devising strategies of attracting more millennials towards small-ticket loans ranging from Rs 10,000 – 200,000, which are being mainly utilised towards experiential travel. Entrepreneurs say small ticket loans generally go towards home renovation, home decoration, home repairs, purchase of second cars/bikes, etc.. "But off late, the trend is tilting more towards utilisation of such loans for fulfilling travel ambitions,’’ say entrepreneurs.

The Supreme Court on Wednesday upheld the constitutional validity of Aadhaar, but with conditions. Justice A.K. Sikri pronounced the majority judgment on behalf of himself, Chief Justice of India Dipak Misra and Justices A.M. Khanwilkar and Ashok Bhushan. However, Justice D.Y. Chandrachud gave a dissenting judgment.

Cashkumar, the Bengaluru based financial entity was in news recently for getting the Reserve Bank's approval to conduct a P2P lending platform. In a fast moving, no-frills attached world, players such as CashKumar have been steadily clearing the decks for what looks like a disruption in the financial market. Dhiren Makhija, Co-Founder of CashKumar, says they have been active in lending space since 2016, but also admits that experience in a Forex driven reverse-bidding platform was paramount to CashKumar's success.

A Bangalore-based documentary film-maker had not imagined getting a loan over the weekend to buy a professional camera and fund his holiday. “I was sitting in a café at Koramangala and wondering how to arrange money for my Thailand trip. That’s when a friend told me about P2P loans. I scanned the documents and send them on Friday. The loan was disbursed on Monday. It would have taken a fair amount of time had I approached banks. Plus, they would not entertain a frivolous idea like buying a camera

According to a report by Boston Consulting Group (BCG), the fintech space has witnessed an explosive growth in the recent years and digital lending industry is expected to touch $1 trillion over the next five years. As the government is focusing on digitizing India, the number of online users in the country is set to grow, creating a new market for the growing industry. Here is a comprehensive list of top 10 P2P lending startups in India:

With the growing popularity P2P players, the platforms are emerging as a lucrative investment opportunity for the retail investment community. However, we recently witnessed China taking help of state-owned asset management companies to help P2P lenders with bad loans.

‘Invest in peer to peer lending in India. Earn up to 35 per cent returns.’ You might have come across the claim at least once or twice during the last month. Did you wonder: Really, can one actually earn double-digit returns by lending money online?

‘Invest in peer to peer lending in India. Earn up to 35 per cent returns.’ You might have come across the claim at least once or twice during the last month. Did you wonder: Really, can one actually earn double-digit returns by lending money online?

Peer-to-peer (P2P) lending company Cashkumar, which offers short-term credit to borrowers, foresees huge potential to lend in the online space. Dhiren Makhija, co-founder of Cashkumar, told BusinessLine that since commencing operations in 2017, the company has expanded its operations to nine cities. “We expanded to Coimbatore last month, followed by a soft launch in Ahmedabad. We are planning to expand to Hyderabad as well soon.”

Cashkumar, among the only P2P lending platforms focused exclusively on short term loans for salaried individuals, today announced that it has received the NBFC-P2P license from RBI (Reserve Bank of India). The license marks Cashkumar’s entry to a set of four to five other leading fintech firms that have received the accreditation, ever since the national regulatory body announced guidelines for the fast growing Peer-to-Peer (P2P) lending space in October 2017.

Cashkumar, a P2P lending firm based in Bangalore, has become the first city based firm to receive the NBFC-P2P license from RBI (Reserve Bank of India). With this accreditation, Cashkumar has made an entry to a set of four to five other leading fintech firms that have also received the accreditation from RBI to commence Peer to Peer (P2P) lending business in India.

Cashkumar, among the only P2P lending platforms focused exclusively on short term loans for salaried individuals, today announced that it has received the NBFC-P2P license from RBI (Reserve Bank of India). The license marks Cashkumar’s entry to a set of four to five other leading fintech firms that have received the accreditation, ever since the national regulatory body announced guidelines for the fast growing Peer-to-Peer (P2P) lending space in October 2017.

According to a recent Morgan Stanley report, Indian P2P lending industry is estimated to cross the $4 billion mark by 2021. Owing top such pleasing industry forecast, along with the additional support schemes & initiatives from the Government, the fintech players in India have garnered a lot of momentum. In this light, Cashkumar, one of India’s leading P2P lending companies, announced that it has been granted the NBFC-P2P license from RBI (Reserve Bank of India). With this, Cashkumar joins the list of the very few fintech firms who hold the NBFC-P2P accreditation. Post this, the company focuses on providing loans between 20,000-100,000 with tenures of 3-12 months and offering only to salaried individuals.

Lending platform Cashkumar has received its NBFC-P2P certification from the Reserve Bank of India (RBI), the company said in a statement. The RBI issued those guidelines last October, to register and accredit P2P lending firms that resell loans from individuals who have money to invest. Started in 2016, the Bengaluru based company essentially connects lenders with spare money with borrowers. The platform facilitates these transactions through background checks using factors like CIBIL, and CRIF scores. On its website, the company writes that it undertake the entire credit evaluation process, legal documentation and collections.

In the Indian P2P lending ecosystem, Cashkumar has carved a unique niche for itself, by focusing only on providing loans between Rs. 20,000 to 1 lakh with tenures of 3 to 12 months and catering only to salaried individuals. In a short span since the inception of P2P lending, Cashkumar has emerged as a leader within this niche, with 2 lakh+ applicants and more than 1300 loan disbursals worth over Rs.6 crores. With the RBI license in place, Cashkumar will now further expand its operations to grow to 10000+ lenders and target loan disbursals worth Rs. 45 Crores by end of FY 2018-19.

In the Indian P2P lending ecosystem, Cashkumar has carved a unique niche for itself, by focusing only on providing loans between Rs. 20,000 to 1 lakh with tenures of 3 to 12 months and catering only to salaried individuals. In a short span since the inception of P2P lending, Cashkumar has emerged as a leader within this niche, with 2 lakh+ applicants and more than 1300 loan disbursals worth over Rs.6 crores. With the RBI license in place, Cashkumar will now further expand its operations to grow to 10000+ lenders and target loan disbursals worth Rs. 45 Crores by end of FY 2018-19.