5] The hard copy of the application together with required documents to be submitted to the office of the reserve bank of india. – Cross sale of products not allowed except for loan specific insurance products. Peer to peer lending business, also known as crowdfunding or Marketplace lending, regulated or unregulated, has its presence in number of developed countries all over the world, with its growing market size. Why not give them a call right now at +91 9911222771 and start a conversation immediately. – Any Change in Management of NBFC-P2P which would result in change in more than 30 per cent of the Directors. -A business continuity plan needs to be there to serve the loans for full tenure in case of closure of Platforms. – The trust will operate the escrow account for transfer of funds based on the instructions received from the lenders and borrowers via platform or otherwise. In addition to compliances and reporting requirement under the Companies Act and other applicable regulation, an NBFC-P2P is required to report to concerned regional office of the Reserve Bank of India as per RBI directions. (iv) validity of the in-principle approval :- The validity of the in-principle approval issued by the Bank will be twelve months from the date of granting such in-principle approval. Sometimes it takes unaffordable time and cost to get loan from commercial Banks. Reasons of growing opportunity of P2P NBFC in flourishing Indian Market. Delhi-110092 , India. An NBFC-P2P is required to obtain prior approval from RBI in following cases of changes in shareholding or control. – business continuity plan in case of Closure of platforms. The loans here are available without the borrower having to provide any mortgages. Any other condition as may be specified by the Bank, fulfillment of which, in the opinion of the Bank, is necessary to ensure that the commencement of or carrying on the business in India shall not be prejudicial to the public interest. the ones with zero credit score and history) #4. It carries out its business of Peer-to-Peer lending in India. #3. All transactions and fund transfers shall be only through and from Bank Accounts. Gurgaon-122001, NBFC Vs Micro Financing Institution: Things to Know before Setting Up Finance Company. 5 Million across all P2P Platform, E-lending and borrowing is gaining popularity. – It’s Balance Sheet shall not have the amount of Loan disbursed from the lenders or repayments done by the borrowers. (i) comply with any Direction issued by the Bank; or (ii) maintain accounts, publish and disclose its financial position in accordance with the requirements of any law or any Direction or order issued by the Bank; or (iii) submit or offer for inspection its books of account or other relevant documents when so demanded by the Bank. This financial services are expected to grow to $ 4 -5 billion market in India by 2025. – A trust needs to be mandatorily promoted by the Bank. a). Provided that an entity carrying on the business of a Peer-to-Peer Lending Platform as on the effective date of these directions, can continue to do so, subject to the conditions. Opportunity for NBFC –P2P in India – It should obtain a certificate of Registration (CoR) from the Reserve Bank of India to carry on   the Business of Peer to Peer Lending Platform. 3] In peer to peer lending ,the lenders communicates with the borrower directly to finalize the deal, 1]The risk factors involved here are higher and uncertain as compared to the banking financial institutions, 2] The returns are lower in comparison to public traded index fund, 3] The future possibilities are uncertain and unrealistic and it’s too early to make future opinions of this type of industry, Your email address will not be published. 4] The online application form is available at the RBI website. In so far as 20 Companies have been registered with RBI providing services of peer to peer lending platform. On the other hand, the borrower has to provide for a mortgage in case of getting a loan approved from any other financial institution or bank. 2] The documentation is very simple and easy as compared to documents required while taking loan from financial institutions, 3] The fees and other charges required are low as compared to banking institutions. Companies (Amendment) Act, 2020- Overview of provisions, CBDT further extends due date for filing of ITR for AY 2019-20 to 30-11-2020. Commercial Banks lending process and credit facilitation services are over the counter. Prohibited Activities of NBFC-P2P Platforms It should facilitate availability of information and documents between lenders and borrowers and also to protect their rights and information. The Peer to Peer lending can be defined as a mode of business where a platform in digital form is provided to an individual or an entity for raising loans or fund at certain interest rates and is needed to be paid back as per the specified terms and conditions.The interest rates are either set by the lending organization or after mutual discussion between the borrower and lender etc. Within one month from the date of changes Quarterly statements: – an NBFC-P2P should have a Board approved policy for security and maintenance of Information technology system for protecting it from unauthorized access.

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