PayMe India receives NBFC certificate from RBI

After obtaining NBFC status, PayMe India is eligible to offer secured and unsecured financial products like short-term Personal Loan, Business Loan, Education Loan, Credit Cards.
PayMe India receives NBFC certificate from RBI
PayMe India receives NBFC certificate from RBI
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PayMe India, one of the country’s eminent FinTech establishments, has recently acquired NBFC licence from the nation’s apex financial institution, the Reserve Bank of India (RBI) under Section 45(1A). After obtaining NBFC status, PayMe India is eligible to offer secured and unsecured financial products like short-term Personal Loan, Business Loan, Education Loan, Credit Cards, etc.

“The company is having a valid Certificate of Registration dated June 25, 2019 issued by the Reserve bank of India under section 45 1A of the Reserve bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or of the correctness of any of the statements or representations made, or opinions expressed by the company and for repayment of deposits / discharge of liabilities by the company.” 

PayMe India was established in 2016 by two financial wizards, Mahesh Shukla and Sandeep Singh, with a seed capital of USD 2 million. Soon after the launch, PayMe India got popular among the millennials as an advance salary provider. In 2018, it was mentioned among the top 30 emerging  FinTech companies of India by INC 42.    

PayMe India serves nearly 20,000 people every month from all over India offering short term instant loans, debt management services and credit score improvement solutions. Furthermore, this young FinTech entity is advance salary partner to employees of about 100 corporates.

With steady growth and NBFC certification, PayMe India has good prospects to receive substantial funds from banks, Wholesale NBFC’s, and PE firms.

Post being registered with RBI as NBFC, Mahesh Shukla, founder of PayMe India said, “In the current fiscal year, the company has strategised to add pecuniary products and services in its portfolio which will aid PayMe India to cater to a broader customer base.”  

Rapidly moving towards their objective of “Spreading Financial Happiness”, PayMe India claims to resolve cash crunch of individuals and businesses’ by being focused on salaried and blue collared employees.

“As per a recent survey, 89 per cent of people in India earn less than INR 14K, and barely 5 per cent of the people have the option to draw their salary in advance. With a range of diversified products, PayMe India aims to increase its market share by securing new and untested individuals,” Shukla added.

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