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Can P2P lending affect interest rates?

"In the current scenario, P2P lending will not have any impact on interest rates. P2P lending is very small in relation to the market. Available data in the public domain indicate a market size of about $5 million with a forecast of $5 billion by 2023. The overall market size for consumer unsecured lending is presently estimated at about $0.75 trillion and forecast to be nearly $2 trillion by 2023."

Harish H V
Partner, Grant Thornton India LLP

This article appeared in Live Mint on 31st October, 2017.