Within a month after the formation of NBFC-P2P industry body, Association of NBFC P2P Platforms, the association today announced the joining of finance industry veteran & Former Infosys Chief Financial Officer V Balakrishnan as Patron Member.
P2P lending industry players have formed association to represent the Indian NBFC-P2P industry at various national as well as at international forums. The P2P operators participating in the operations are OML P2P, Monexo, PaisaDukan, Finzy, Cashkumar, Liquiloans, Micrograam, Lendsmartp2p, Peerlend and Indiamoneymart. The association aims to establish formal lines of communication between various government and regulatory authorities on matter of compliance and to create awareness about the industry and to work towards enhancement of public trust in this sector.
Mr. Balakrishnan doesn’t need any introduction in the finance industry, he has held leadership positions in Finance and is an expert in Corporate Finance, International Taxation, Risk Management and Mergers & Acquisitions. He is also a recipient of the “Best CFO” award from CNBC India and Finance Asia. He has been the Director and CFO of Infosys and CEO of Infosys BPO. Currently Balakrishnan is Founder & Chairman of Exfinity Ventures Partners LLP, based out of Bangalore.
Speaking on the occasion Mr. V.Balakrishnan said, “India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be digital economy. Needless to say P2P lending will play a key role in digital economy of India and in financial inclusion. P2P lending industry is poised to be a $4 to $5 billion Industry by 2023. The association will allow the P2P Lending community to become more closely aligned with the traditional & various financial services sector and will give confidence to the firms operating in this sector that we are committed to working collaboratively on regulatory and other matters of interest.”
Speaking on the development Mr. Pramod Akhramka, President of Association of NBFC-P2P Platforms and Founder & MD of OML P2P said “Mr. Balakrishnan is renowned for his financial and business acumen. Guidance from him will be a significant development that will bolster the leadership team of the association and will help the association in getting recognition at various international forums as well as getting some strategic partnerships and collaborations with other stakeholders in the banking and finance industry.”
“Currently P2P lending industry is at a nascent stage, our objective is to establish NBFC-P2P industry in the country and make it more credible while having a cohesive work force for this new born industry. Addition of Mr. Balakrishnan to our association will help in bringing more credibility to the segment that is growing at a faster pace at present,” said Mr. Rajiv Ranjan, Founder & CMD PaisaDukan and Secretary of the association.
“As an association we want to ensure that we create an effective and collaborative forum for the discussion of key issues. It’s also incumbent on us that we provide efficient gateways to policy and decision makers so that practical and effective solutions are arrived at. Similarly, we want to build the knowledge base across the entire sector, from experts to beginners, which is why educational outreach will be a key objective for the association. however, by promoting it as an innovative product for alternative finance, peer-to-peer industry will help financial inclusion in coming years.” said Mr. Mukesh Bubna, Founder & CEO Monexo and Treasurer of the association.
The association aims to associate with honorary members from various domains to strengthen its authority in the Indian Financial Ecosystem.
NBFC P2P Platforms Association, has been registered under The Society Registration Act, 1860. Mr. Pramod Akhramka has been elected as President, Mr. Rajiv Ranjan as Secretary and Mr. Mukesh Bubna as Treasurer of the association.
Association’s aim is to create awareness on peer-to-peer (P2P) lending and to promote merits among individuals and institutional customers. It also aims to bring credibility for this industry and to form P2P industry standards for more transparency within the industry.