PaisaDukan: On the Trajectory to Eradicate Credit Deficiency in Rural India

Rajiv M Rajan, Founder & CMD

Fintech is redefining the financial domain to emerge as the fastest growing sector. Since, the market has not fully matured yet, it has significant opportunities due to credit gaps and borrowers’ increased interest in digital services. In Indian Fintech space, Peer-to-Peer(P2P) lending is budding as a force of reckoning post arrival of new regulated entrants in the area, who aim towards wider Financial Inclusion.

India’s rural population is still hugely dependent on traditional financing system & on unorganized lending sector for their borrowing needs.This gave way to P2P lending as the product of vital business, technological and social trends. In Indian Fintech space, Peer-to-Peer(P2P) lending has emerged as a force of reckoning in 2018. The solely owned market place of BigWin Infotech, PaisaDukan has emerged with a Peer-to-Peer (P2P) lending platform that curbs the rise of financially excluded in India.

After being regulated by the Reserve Bank of India and receiving the status of NBFC (non-banking finance companies), the P2P lending segment has witnessed a high paced growth trajectory in the area of alternate financing in 2018. PaisaDukan started the initiative of bringing in Insurance to this industry, published its website in Hindi for a wider understanding (first of its kind in P2P industry), introduced Varishtha Nagrik Vittiya Samadhan (Senior Citizen Loan), introduced Divyaang Loan, and Gramin Loan to
cater to people in rural areas – a first of its kind initiative in P2P industry. Followed by a deep research in rural areas, PaisaDukan chose to focus on availing loan in rural areas too. This online marketplace has now established its first rural operations office in the Madhubani district of Bihar.

"With automation coming in, PaisaDukan intends to eradicate the problem of credit deficiency by allowing people to get credit accessibility on their fingertips"

Having on-boarded several service providers, PaisDukan is further advancing to innovate and automate the entire lending & borrowing process. With automation coming in, PaisaDukan intends to eradicate the problem of credit deficiency by allowing people to get credit accessibility on their fingertips.

Standard Practices
This P2P operator handles the servicing of loans on behalf of matched borrowers and investors. Though the market has several Fintech operators, PaisaDukan’s approach to these operations are distinguished. PaisaDukan is a Reserve Bank of India (RBI) certified NBFC-P2P online marketplace and an ISO 9001:2015 & ISO 27001:2013 certified company that follows international standards for quality management. The company is also associated with a globally acclaimed Credit Bureau to evaluate loan applications and works with various socio-economic parameters to evaluate the credit worthiness of a borrower. Moreover, PaisaDukan is also entering partnerships with other Fintech players to automate their credit decisioning process after taking into account their proprietary parameters.

Under the leadership of Rajiv M Ranjan, Founder and CMD PaisaDukan, company is on a mission to achieve a wider financial inclusion through creating an alternate banking system in rural areas for all their credit needs. With the intent to contribute to the nation’s economy, the company aims to enable last mile credit facility in India to cater the under-served through Peer-to-Peer(P2P) lending and to eradicate the issue of credit deficiency in these areas.