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Finzy, India’s fastest growing peer to peer platform has received its NBFC-P2P certification from the Reserve Bank of India (RBI).
The P2P industry being regulated ensures that only players who adhere to specific standards of operations and stringent information security guidelines are allowed to function. This helps build the credibility in the Industry as a whole.
On receiving the certification, Amit More, Founder & CEO, Finzy said – “The P2P-NBFC license is a validation of our strong business processes, Info security standards and compliance to the RBI guidelines. This is a very important milestone in enhancing our trust to investors and borrowers on Finzy. The application review process RBI adopts is extremely thorough. We had to submit information spanning from company’s detailed policies, info security policies, business plans to personal and professional details of each of the directors. We are proud to have received the Certificate of Registration within a year of commencing our operations.”
Finzy would now be compulsorily required to maintain specific networth, meet set prudential and leverage norms, have a fit and proper board at all times and ensure fair and transparent operating principles in conduct of it business. Finzy would also have to contribute repayment track record of each and every loan to CIBIL on a periodic basis. This would ensure more information for all other banks and NBFCs to take informed credit decisions and will also ensure better repayment discipline from borrowers through the P2P platform.
“Our focus on customer experience, the proprietary credit assessment algorithm and a secure digital platform has allowed us to achieve ZERO defaults in EMI repayments in our first year of operations, thereby building trust with all our stakeholders. The Certificate of Registration from RBI is further vindication of our processes. We were already 90% compliant with Master Directions on the day it was published, for example we already had escrow accounts set-up for our transactions. This enabled us to quickly make changes to adhere to the remaining guidelines and we were in fact the first to apply for the license in India. ” said Abhinandan Sangam, Co Founder & CTO, Finzy.