P2P NBFC Compliance
Go to 💁🏻♀️ p2p.nbfc.ozg.in
OZG Email ✉️ ask@nbfc.in
1. 👁️🗨️ The RBI Directions envisaged the NBFC-P2P Lending Platform to act as an intermediary providing online marketplace / platform to the participants involved in peer to peer lending. Accordingly, the RBI Directions had laid down clear guidelines regarding various aspects of functioning of NBFC-P2P Lending Platforms. However, it has been observed by RBI that some of these platforms have adopted certain practices which are violative of the said RBI Directions. Such practices include, among others, violation of the prescribed funds transfer mechanism, promoting peer to peer lending as an investment product with features like tenure linked assured minimum returns, providing liquidity options and at times acting like deposit takers and lenders instead of being a platform. Such violations, when observed, have been dealt with bilaterally by the Reserve Bank of India for remediation.
2. 👁️🗨️ In view of the above, it has been decided by RBI to elaborate and clarify certain provisions with some modifications for proper implementation of the RBI Directions. The amended provisions of the RBI Directions are issued (Ref. to RBI portal or PDF shared in RBI Compliance Group).
Source: RBI/2024-25/63 DoR.FIN.REC.35/03.10.124/2024-25 dated August 16, 2024
