The Reserve Bank of India (RBI) announced on Friday that it 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 guidelines related to peer-to-peer (P2P) lending platforms.
Among the penalised entities, Fairassets Technologies India faced the highest fine of Rs 40 lakh. Additionally, Bridge Fintech Solutions and Rang De P2P Financial Services were each penalised Rs 10 lakh. Visionary Financepeer received a penalty of Rs 16.6 lakh for similar non-compliance issues.
Regulatory compliance deficiencies
RBI stated that these penalties were imposed due to deficiencies in adherence to the ‘Non-Banking Financial Company – Peer-to-Peer Lending Platform (Reserve Bank) Directions, 2017.’ However, the central bank clarified that the fines are not a judgment on the validity of any transactions or agreements these entities may have with their customers.
