Recorded RBI impact
Monetary penalty
Monetary penalty · Fresh imposition
Published by RBI
7 Mar 2025
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹10 lakh on Rang De P2P Financial Services Limited (Rang De) after a scrutiny found non-compliance with the Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. RBI said the sustained violation was that the company disbursed loans to individual borrowers without the specific approval of individual lenders. The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934, and RBI noted that the action was based on regulatory deficiencies and was without prejudice to any other action that may be initiated.
Why RBI Acted
RBI imposed a monetary penalty after a scrutiny found non-compliance with provisions of the Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. The sustained charge was that Rang De P2P Financial Services Limited disbursed loans to individual borrowers without the specific approval of individual lenders. The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
Operating Impact
Rang De must absorb the monetary penalty, while the underlying compliance finding may also expose it to further RBI action. The release does not order an operational restriction, but it signals continuing supervisory scrutiny over its P2P lending practices and lender-consent processes.
Regulatory Basis
- clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934
- Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017
Action Facts
- Primary Impact
- Monetary penalty
- Order Date
- 25 Feb 2025
- Effective From
- 25 Feb 2025
- Entities Affected
- 1
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
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