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OkCredit shuts down P2P platform OkNivesh following RBI action on P2P lenders

Economic Times · 5m

OkCredit, backed by Y-Combinator, has shut down its P2P lending product, OkNivesh, due to regulatory changes by RBI on P2P lending. The platform, which allowed small businesses to invest in short-term programs with instant withdrawals, faced challenges as RBI policies now promote longer-term loans. OkNivesh had 14,000 users and Rs 30 crore investments. OkCredit will now focus on OkLoan, offering credit through partnerships with NBFCs and banks.