RBI sets lending cap on NBFC-P2P platforms at Rs 50 lakh

RBI sets lending cap on NBFC-P2P platforms at Rs 50 lakh

• In order to protect consumers interest, the Reserve Bank of India (RBI) has set Rs 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.
• Also, such investments of the lenders on P2P platforms should be consistent with their net-worth.
• The lender investing more than Rs 10 lakh across P2P platforms will need to produce a certificate to P2P platforms from a practising Chartered Accountant certifying minimum net-worth of Rs 50 lakh.

Points to Remember:

1. What is the aggregate lending cap set by RBI across all NBFC-P2P lending platforms?