RBI Imposes Rs 76.6 Lakh Penalty On Four Entities

The Reserve Bank on Friday said it has imposed Rs 76.6 lakh penalty on four non-banking financial companies for non-compliance with certain provisions of its directions related to ‘peer-to-peer lending platform’.

A penalty of Rs 40 lakh has been imposed on Fairassets Technologies India and Rs 10 lakh each has been imposed on Bridge Fintech Solutions and Rang De P2P Financial Services non-compliance with certain provisions of the ‘Non-Banking Financial Company – Peer-to-Peer Lending Platform (Reserve Bank) Directions, 2017’.

RBI also said the penalty of Rs 16.6 lakh has been imposed on Visionary Financepeer.

In each case, the central bank said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

The central bank informed about the penalties through separate releases. 

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