New Delhi, June 21 (KNN) MSME facilitator OML Technologies Private Limited, the owner and operator of OMLP2P, an online Peer-to-Peer lending marketplace, has received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), the company said in a statement.

With accreditation of National Regulator RBI, the firm is now formally established as an NBFC-P2P

In December 2017, OMLP2P was the first company to apply for registration as a peer-to-peer lending platform under the RBI Direction released by the regulator in October 2017.

Commenting about this achievement, Surendra Kumar Jalan, CEO of OML Technologies P. Limited, said, “With a business model that was compliant with all regulatory requirements as laid down by the RBI last year, we were the first peer-to-peer lending company in India to apply for registration as an NBFC-P2P."

He said, receiving the Certificate of Recognition is a significant milestone that heralds a new phase of growth for the company, as well as for India’s P2P lending sector.

Established in 2016 in Mumbai, OML Technologies Private Limited has meticulously designed its process to ensure regulatory compliance, customer convenience, transaction transparency, and repayment support to create a business model that the company intends to use to make itself the market leader in the nascent P2P lending sector in India.

The company is currently operating in 32 cities across India and further plans to spread across another 40 cities in the near future; resulting into a presence of 72 cities across India which means it targets to cover more than 90% of lending business of India.

Commenting on the same, Mr. Pramod Kumar Akhramka, Managing Director and Founder said, “We have the unique advantage of serving the lenders and borrowers across India in a cost effective manner with the shortest TAT (turn around time), benefitting both borrowers and lenders.

“Our platform ensures and help financial inclusions of masses not having access to avail credit for their requirements,” he added.

The company uses a proprietary algorithm and compliance - friendly KYC process to ensure that both borrowers and lenders on their platform have all the required information to make their funding and borrowing decisions.’

The company aims to provide credit to large number of young professionals and MSMEs as in the present Indian financial ecosystem these people are often denied access to credit from legacy financial institutions due to lack of transactional and credit history.

The company collaborates with CRIF High Mark and CIBIL and uses its cutting-edge algorithm to ascertain the actuarial risk involved in providing credit to a borrower on the platform.

The platform also enables borrowers and investors to diversify their transactions, which enables efficient disbursal of credit and risk amongst multiple investors.

OHMY Technologies Private Limited is the owner and operator of www.omlp2p.com, an online Peer-to-Peer (P2P) lending platform.

This peer-to-peer marketplace for individuals and businesses (MSME segment) facilitates loans online from Lenders (investors) in a transparent, convenient, and effective manner.