RBI Slaps Rs 76.6 Lakh Fine on Four NBFCs for P2P Lending Violations

New Delhi (The Uttam Hindu): The Reserve Bank of India (RBI) has imposed a total penalty of Rs 76.6 lakh on four non-banking financial companies (NBFCs) for failing to comply with certain provisions of its 'Peer-to-Peer Lending Platform' directions. Fairassets Technologies India has been penalized Rs 40 lakh. In comparison, Bridge Fintech Solutions and Rang De P2P Financial Services have each been fined Rs 10 lakh for non-compliance with the 'Non-Banking Financial Company - Peer-to-Peer Lending Platform (Reserve Bank) Directions, 2017.' Additionally, Visionary Financepeer has been penalized Rs 16.6 lakh.

The RBI clarified that the penalties are due to deficiencies in regulatory compliance and are not intended to challenge the validity of any transaction or agreement between the entities and their customers. The central bank disclosed the penalties through separate statements.