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Mobikwik Xtra users hit withdrawal snags as new RBI rules trigger changes

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Mobikwik Xtra users hit withdrawal snags as new RBI rules trigger changes

MobiKwik's peer-to-peer lending product, Xtra, is experiencing withdrawal issues as the platform adjusts to new regulations from the Reserve Bank of India (RBI). The restructuring led by MobiKwik's NBFC-P2P partner, Lendbox, has temporarily halted anytime withdrawals, causing frustration among users seeking clarification on their funds. MobiKwik said that it had communicated the changes to customers and addressed queries, but users have complained that their amounts were reinvested and transferred without consent. Similar actions have been taken by other P2P players to comply with the new regulations and prevent fund misuse. Stricter disclosure requirements now also mandate increased transparency.

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