Updated By: LatestGKGS Desk
Reserve bank of India (RBI) Guidelines for NBFC, Peer To Peer Lending Platform detail
Reserve bank of India (RBI) Issues Guidelines for Peer To Peer (P2P) Lending Platform, features, details
The Reserve Bank of India (RBI) Issued instruction for Non-banking Financial Companies (NBFC) that operate peer-to-peer (P2P) lending platforms.
These Guidelines issued by Reserve Bank of India which will be known as the Non-banking Financial Company, P2P lending platform.
Non-banking Financial Companies can start or carry on the business of a P2P lending platform without attaining a Certificate of Registration from now onwards, reported the new guidelines.
Every Company or Firms looking for registration with the bank as an NBFC-P2P need to have a net owned funds of not less than 20 million rupees or such higher amount as the RBI may specify.
The existing NBFC-P2Ps have to apply for registration as NBFC-P2Ps within three months as per the SBI guidelines.
However, this may bring good news for this NBFC-P2P because there are only a few players already in the market.
The Non-banking Financial Company, P2P lending platform will come into force with immediate effect.
