Bengaluru police registers cases against MobiKwik, Lendbox over Xtra dispute
The latest police action adds another layer to a dispute that has been simmering since tighter RBI norms reshaped India’s P2P lending landscape in 2024.
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The latest police action adds another layer to a dispute that has been simmering since tighter RBI norms reshaped India’s P2P lending landscape in 2024.
Last year, NPCI had asked banks and payment apps to block P2P collect requests from October 1, 2025.
P2P transactions on UPI shall continue to be capped at Rs 1 lakh.
In August last year, the Reserve Bank of India (RBI) tightened regulations on the peer-to-peer (P2P) lending sector, leading most platforms to halt operations.
MobiKwik and Lendbox struck a deal where MobiKwik gave up Rs 24 cr in income for Q1 FY25, and in return, Lendbox waived Rs 42 cr in facilitation fees. These adjustments impacted MobiKwik's current quarter's revenue and expenses.
The new investment app hosts two offerings – digital gold and fixed deposits.
More than a month after the RBI’s crackdown on peer-to-peer (P2P) lending, the Lendbox-MobiKwik partnership is showing cracks, with investors facing a lack of transparency.
After observing some peer-to-peer lending platforms violating the RBI's guidelines, the central bank has announced modifications to the master directions of NBFC-P2P.