23 October 2024
Many users of a lending scheme offered by MobiKwik are rattled. The Gurugram-headquartered digital payments company, which earlier allowed "anytime withdrawals", seems to have locked in their investments after the central bank changed a key rule. This has posed a number of challenges for these investors. On 16 August, the Reserve Bank of India updated the regulation governing peer-to-peer (P2P) lending, effectively disallowing "anytime withdrawals". Two months on, multiple investors we spoke with say the repayments on the MobiKwik platform are much less than what they were promised and that the company's lending partner—Lendbox—is not complying with statutory requirements.
Many users of a lending scheme offered by MobiKwik are rattled. The Gurugram-headquartered digital payments company, which earlier allowed "anytime withdrawals", seems to have locked in their investments after the central bank changed a key rule. This has posed a number of challenges for these investors. On 16 August, the Reserve Bank of India updated the regulation governing peer-to-peer (P2P) lending, effectively disallowing "anytime withdrawals". Two months on, multiple investors we spoke with say the repayments on the MobiKwik platform are much less than what they were promised and that the company's lending partner—Lendbox—is not complying with statutory requirements.
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