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P2P lenders to be considered as NBFCs

The Reserve Bank of India announced that P2P lending businesses will be classified as NBFCs. RBI said in a notification that the term ‘the business of a peer-to-peer lending platform’ shall mean the business of providing under a contract, the service of loan facilitation, via online medium or otherwise, to the participants who have entered into an arrangement with that platform to lend on it or to avail of loan facilitation services provided by it. A P2P lender in India operate as fintech platforms under 3 broad categories – those who connect individual lenders to borrowers, those who help institutional lenders identify suitable borrowers for their products, and those who disburse loans off their own books. The third category is already classified as NBFCs and the new notification will apply to lenders belonging to the first category.

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