RBI seeks to regulate peer-to-peer platforms

The Reserve Bank of India for the first time proposed rules for peer-to-peer lending, seeking to regulate a growing sector with potential measures including requiring minimum capital of Rs 2 crore or prohibiting them from promising "extraordinary returns."

RBI Reuters 380

Reuters

The RBI also proposed on Thursday that only those defined as companies engage in peer-to-peer lending and said it may categorise firms in the growing sector as non-banking financial companies.

Peer-to-peer lending has been growing globally, including in India, where only a limited segment of the population has access to bank finance.

The central bank sought feedback to its proposals from the public by May 31.


Updated Date: Apr 28, 2016 16:14 PM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See