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OMLP2P (OHMY Technologies Private Ltd) becomes first player to apply for registration under RBI’s P2P lending directions.

11 days ago

The business model of the company is completely in sync with the released directions according to the company.

Surendra Kumar Jalan, founder and CEO of OHMY Technologies, said, "RBI Directions on P2P lending platform will bring in credibility and acceptability to this nascent the financial industry of P2P lending platform. We have carefully constructed our business model and fundamentals to become compliant with directions. The top management of the company carries a vast experience in the field of banking, finance and technology, which is the core strength of the platform. RBI directions will also streamline the current industry business model and help gain confidence of prospective investors, lenders and borrowers".

The 'Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017' were released on 4 October, 2017, and came into force with immediate effect. Following this, no new company can carry on any P2P lending business without obtaining a Certificate of Registration from the RBI, while existing players have a 3-month window to apply for the Certificate. By being the first company in India to apply for the Certificate, OHMY Technologies and its platform, are expected to become the first RBI certified P2P NBFC under the directions, according to the company.

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