The Reserve Bank of India (RBI) has imposed penalties totaling ₹76.6 lakh on four non-banking financial companies (NBFCs) for non-compliance with regulations under the Non-Banking Financial Company – Peer-to-Peer Lending Platform (Reserve Bank) Directions, 2017.
The fines were levied due to deficiencies in regulatory compliance related to P2P lending platforms. However, RBI clarified that these penalties do not affect the validity of any transactions or agreements between the entities and their customers.
Breakdown of the Penalties
- Fairassets Technologies India Pvt Ltd: ₹40 lakh
- Visionary Financepeer: ₹16.6 lakh
- Bridge Fintech Solutions Pvt Ltd: ₹10 lakh
- Rang De P2P Financial Services: ₹10 lakh
The penalties were announced via separate releases issued by the central bank.
RBI’s Compliance Warning
RBI has reiterated the importance of strict adherence to its regulations governing financial services. The action serves as a warning to all NBFCs operating in the P2P lending space to maintain compliance with regulatory norms.
The affected entities have not yet responded to the RBI’s announcement.
