India’s emerging Peer-to-Peer (P2P) lending platform PaisaDukan today in a move towards Financial Inclusion announced the opening of its first rural operations office in Madhubani District of Bihar.
PaisaDukan aims to enable last mile credit facility in India to cater the under-served citizens of the country through Peer-to-Peer (P2P) lending while major lending business operations will run from company’s headquarters situated in country’s financial capital, Mumbai.
With this launch, PaisaDukan targets to regularize the unregulated local lending market which offers credits at an exorbitantly higher interest rate. We aim to break such barriers and take the first step to introduce an option for rural borrowers by operating within the boundaries of the regulations institutionalized by the Reserve Bank of India (RBI).
Promoting digital credit facility in rural India will also be the prime focus area of PaisaDukan.
Madhubani is well-known for its paintings which is used as motifs on bags, apparels, wall-hangings in both the domestic and foreign markets. Additionally, Madhubani also has two industrial areas.
The presence of business through paintings and industries has attracted several banks towards the district prominently after demonetization. This Sanskrit city, is now on its way to adopt urbanisation and we desire to change the entire financial landscape by introducing digitization in order to eradicate the issue of credit deficiency and induce growth with easy availability and flow of funds.
“As the Indian economy hugely depends upon financial inclusion especially in the rural areas, we are committed to extend our business operations to unserved and financially deprived areas of the country with our first rural operations office in Madhubani district of Bihar. We believe that unless we don’t reach out to last mile population to include the financially excluded community, we cannot dream to become an economic super power”, said Mr. Rajiv M Ranjan, Founder & CMD PaisaDukan.