RBI Penalizes Four NBFCs for P2P Lending Non-Compliance

The Reserve Bank of India has levied penalties totaling Rs 76.6 lakh on four non-banking financial companies for non-compliance with its peer-to-peer lending platform regulations. The companies penalized are Fairassets Technologies India, Bridge Fintech Solutions, Rang De P2P Financial Services, and Visionary Financepeer.

The Reserve Bank of India announced on Friday a total financial penalty of Rs 76.6 lakh imposed on four non-banking financial companies. These penalties were issued due to non-compliance with specific directives concerning peer-to-peer lending platforms.

Fairassets Technologies India received a penalty of Rs 40 lakh, while Bridge Fintech Solutions and Rang De P2P Financial Services each faced a Rs 10 lakh fine. Visionary Financepeer was fined Rs 16.6 lakh. The penalties were due to regulatory deficiencies, as per the RBI's Non-Banking Financial Company – Peer-to-Peer Lending Platform Directions of 2017.

The Reserve Bank clarified that the penalties reflect regulatory oversights and do not affect the legitimacy of any transactions or contracts between these entities and their clients. Official announcements were made through separate releases from the central bank.