Latest News | RBI Imposes Rs 76.6 Lakh Penalty on 4 Entities

Mumbai, Mar 7 (PTI) 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'.

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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.

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The central bank informed about the penalties through separate releases.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)