The Reserve Bank of India (RBI) has imposed monetary penalties on four Non-Banking Financial Companies – Peer to Peer (NBFC-P2P) lending platforms for non-compliance with regulatory guidelines.
Rang De P2P Financial Services Limited was fined 10 lakh rupees for disbursing loans to individual borrowers without obtaining specific approval from individual lenders.
Bridge Fintech Solutions Private Limited, also known as Finzy, faced a 10 lakh rupees penalty for multiple violations, including unauthorized loan disbursals, partial credit risk-taking, non-compliance with service provider agreements and grievance redressal mechanisms.
Visionary Financepeer Private Limited was penalized 16.60 lakh rupees for regulatory non-compliance, while Fairassets Technologies India Private Limited, operating as Faircent, received the highest penalty of Rs 40 lakh for deficiencies in compliance.