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The Reserve Bank of India (RBI) has set a ₹50-lakh cap on the aggregate exposure of a lender to all borrowers across all Non-Banking Financial Company – Peer to Peer (NBFC-P2P) lending platforms at any point of time.
Further, the banking regulator has specified that the investments of the lenders on P2P platforms have to be consistent with their net-worth.
A NBFC-P2P is an intermediary providing the services of loan facilitation via online medium or otherwise to the participants, who enter into an arrangement with the intermediary to lend on it or to get the loan facilitation services provided by it.
As of October-end 2019, the number of NBFC-P2P lending platforms registered with the RBI stood at 20.
As part of its norms for NBFC-P2P lending platforms, the RBI said a lender investing more than ₹10 lakh across P2P platforms should get a practising chartered accountant certify a minimum net-worth of ₹ 50 lakh.
The RBI said that the escrow accounts to be operated by a bank promoted trustee for transfer of funds need not be maintained with the bank that has promoted the trustee.
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