OkCredit, a digital ledger platform supported by Y-Combinator, has ceased operations of its peer-to-peer (P2P) lending product, OkNivesh. This follows new regulatory measures by the Reserve Bank of India (RBI), as confirmed by co-founder Harsh Pokharna on LinkedIn.

The RBI’s directive to prohibit instant withdrawals and promote longer-term loans impacted OkNivesh’s functionality.

The company now plans to focus on its OkLoan product, which collaborates with banks and non-banking financial companies to offer loans to business owners.

OkLoan has disbursed 65,000 loans totaling 400 crore rupees (US$46.35 million), with a non-performing asset rate of 2.5%.