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RBI Issues Guidelines for NBFC Lenders
October 10, 2017
This Wednesday, the Reserve Bank of India issued guidelines for Non-Banking Financial Companies (NBFC) and Peer-to-Peer (P2P) lenders, specifying the eligibility criteria and prudential norms they are required to comply with.
The central bank said that NBFC-P2P businesses can’t carry on their operations on P2P platforms without obtaining a certificate of registration (CoR). The existing NBFC-P2Ps are also required to apply for CoRs within 3 months.
RBI has also set a capital requirement for NBFC-P2P companies according to which they must have a net owned fund worth Rs. 2 crore minimum.
