Mumbai: India’s fastest growing, ISO-certified, Fintech start-up – BigWin Infotech entered in the NBFC-P2P lending category as the first new entrant to receive Certificate of Registration (CoR) from the Reserve Bank of India (RBI). The CoR enables BigWin Infotech to commence Peer-to-Peer (P2P) lending business in India, paving the way for the launch of its Innovative Financial Platform – PaisaDukan.com.
This announcement is an outcome of the landmark step taken by RBI which resulted in release of guidelines in October 2017 to regulate the P2P lending sector.
Company’s regulatory and operational infrastructure has met with the highest standards expected by the RBI. This had resulted in the issuance of an In-Principle approval on 8th May 2018 to the response of application filed in December 2017. PaisaDukan has reached this significant milestone of accreditation after a comprehensive scrutiny process.
“To become the first Fintech startup as a fully accredited new entrant in the P2P lending market, it gives us further motivation to work for the solidarity of financial inclusion. Amidst introduction of guidelines for operating in the P2P lending sector, BigWin Infotech was incorporated in November 2017. With technology as well as extensive moral backing from the Government of India we have successfully created a robust, user-friendly and hassle-free platform by bringing together people, process, product and technology. This significant achievement has opened up ways for PaisaDukan to reach every last Indian and bridge the deficiency of credit in the nation” said Rajiv M Ranjan, Founder & CMD, PaisaDukan.
Phenomenal Growth of FinTech
FinTech as a sector in India is growing at a rapid speed and post demonetization Indian FinTech start-ups have registered a significant growth that has placed Indian FinTech ecosystem on global charts.
India’s total number of smartphone users is expected to grow over 60% and reach approximately 490.9 million by 2022 and with 4G subscribers in India expected to rise to 432 million by 2020, Digital India is here to stay.
Complementing these developments in India PaisaDukan is set to leverage the Indian benefit and transfer them directly to customers. PaisaDukan trailblazers its presence by eliminating the middlemen cost and standardizing the flow of credit across India.
“Being a transparent, ethical and virtuous P2P lending platform, we responsibly abide by our philosophy “Right Money to Right People”, concluded Ranjan.