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India could be well staring at a demographic disaster and Bihar could be at the centre of the disquiet over joblessness
The economic downturn of 2007-08 served as a wake-up call to the long-standing monopoly of traditional lenders. Since the catastrophic collapse of Lehman Brothers in 2008, plausible alternatives to conventional credit intermediaries have emerged, and one such digital lending method is Peer-to-Peer (P2P) lending.
Efforts have been undertaken to raise the standard of living of those who are at the bottom of the pyramid, most of who are without basic bank accounts, credit or other financial services. Concurrently, the digital revolution and faster internet access has enabled people worldwide to trade virtually. Individuals can now swap money worldwide without financial intermediaries like banks or other financial entities.
Financial sustainability is an indispensable item of economic development and financial inclusion. Financial inclusion is a vital part of making the nation’s economy and markets sturdy and durable.
The P2P lending industry has witnessed a dramatic change in technology, consumer behaviour and business offerings. The segment has seen a rise in technology adoption from both lenders and borrowers in the age group of 25-40 years. Additionally, as restrictions are relaxed, demand for credit to aid economic recovery will rise rapidly. The world of P2P lending is all geared up to provide quick, easy and flexible lending solutions in the days to come.
The Fintech Revolution Sir Edmund Hillary once said, “If you only do what others have done, you will only feel what others have already felt. However, if you choose to do something that no one else has ever done, you will have a satisfaction that no one else has ever had.” It couldn’t […]
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