CURRENT AFFAIRS

Detailed explanation-1: -Suhail Sameer, CEO, BharatPe. BharatPe on Tuesday said it has entered peer-to-peer (P2P) lending with its product ‘12% club’, which will allow consumers to not only earn 12 per cent interest on the funds they invest but also borrow at an interest rate of 12 per cent.

Detailed explanation-2: -12% club is a an investment and loan app powered by the BharatPe, a FinTech startup. BharatPe is India’s one of the biggest Fintech company. You can make up to 12% interest on your money if you invest it at 12%.

Detailed explanation-3: -Peer-to-peer lending, also known as P2P lending or social lending, is the practice of packaging small amounts of money from different lenders to provide a loan to a borrower. With P2P lending, rates are usually lower than bank rates because there isn’t a middleman. Loan amounts range between $1, 000 and $40, 000.

Detailed explanation-4: -To check with the top-level employees of BharatPe who submitted their resignations the past month - Satyam Nathani is an IIT Delhi dropout and the man behind the pilot of BharatPe QR codes, PostPe, and 12% Club. He was one of the founding members of the company.