Framework of registration – Peer to Peer landing platform

Framework of registration – Peer to Peer landing platform

1. Qualification Criteria to Register as NBFC-P2P 

No non-keeping money establishment other than an organization might attempt the matter of Peer to Peer Lending Platform. No NBFC-P2P should initiate or carry on the matter of a Peer to Peer Lending Platform without getting a Certificate of Registration (hereinafter alluded to as "CoR") from the Bank. Given that an element carrying on the matter of a Peer-to-Peer Lending Platform as on the compelling date of these bearings, can keep on doing in this way, subject to the conditions 

Condition :- 

Organizations that are embraced the matter of Peer to Peer Lending Platform as on the date of impact of these headings i.e fourth Oct 2017, should apply for enrollment as a NBFC-P2P to the Bank inside 3 months from that date. Such organizations, which have connected to the Bank for enlistment as a NBFC – P2P, might be allowed to proceed with the matter of a Peer to Peer Lending Platform till their application for issuance of CoR is rejected, subject to such conditions, including slowing down of business, as the Reserve Bank may force. 

(iii) Every organization looking for enlistment with the Bank as a NBFC-P2P might have a net possessed store of at the very least rupees twenty million or such higher sum as the Bank may indicate. 

2. Procedure of Registration 

Make an application– Every current and planned NBFC-P2P should make an application for enlistment to the Department of Non-Banking Regulation, Mumbai of the Bank, in the shape which will be indicated by the Bank for the reason. Existing NBFC-P2Ps might apply inside three months from the issuance of these Directions dated fourth Oct 2017. 

Condition to be satisfied : The Bank, to consider the application for enrollment, might require the accompanying conditions, among others, to be satisfied: 

a. The organization is joined in India 

b. The organization has the vital innovative, entrepreneurial and administrative assets to offer such administrations to the members; 

c. The organization has the sufficient capital structure to attempt the matter of Peer to Peer Lending Platform; 

d. The promoters and the Directors of the organization are fit and appropriate; 

e. The general character of the administration of the organization isn't biased to people in general intrigue; 

f. The organization has presented an arrangement for, or actualized, a powerful and secure Information Technology framework; 

g. The organization has presented a practical marketable strategy for leading the matter of Peer to Peer Lending Platform; 

h. Open intrigue should be served by the give of CoR; 

I. Some other condition as might be determined by the Bank, satisfaction of which, in the conclusion of the Bank, is important to guarantee that the beginning of or carrying on the business in India should not be biased to general society premium. 

If there should arise an occurrence of forthcoming NBFC-P2Ps 

(iii) Principle endorsement :- The Bank may, subsequent to being fulfilled that the conditions specifiedare satisfied, allow on a fundamental level endorsement for setting up of a Peer to Peer Lending Platform, subject to such conditions which it might consider fit to force. 

(iv) legitimacy of the on a fundamental level endorsement :- The legitimacy of the on a fundamental level endorsement issued by the Bank will be a year from the date of conceding such on a basic level endorsement. 

(v) Terms of concede of on a fundamental level endorsement:- Within the time of a year, the organization might set up the innovation stage, go into all other legitimate documentations required and report position of consistence with the terms of give of on a basic level endorsement to the Bank. 

(vi) Grant a CoR as a NBFC– P2P :- The Bank may, in the wake of being fulfilled that the element is prepared to begin operations, give a CoR as a NBFC– P2P, subject to conditions as considered fit by the Bank. 

If there should arise an occurrence of existing NBFC-P2Ps 

(vii)Application:- Companies that are embraced the matter of Peer to Peer Lending Platform, as on the date of impact of these directionsdated fourth Oct, 2017, might apply for enlistment as a NBFC-P2P to the Bank inside 3 months from that date. Such organizations, which have connected to the Bank for enlistment as a NBFC – P2P, should be allowed to proceed with the matter of a Peer to Peer Lending Platform till their application for issuance of CoR is rejected, subject to such conditions, including slowing down of business, as the Reserve Bank may force. 

(viii) Cancelation Of CoR Granted :- The Bank may wipe out the CoR allowed to a NBFC-P2P, if such organization – 

stops to bear on the matter of Peer to Peer Lending Platform in India; or 

has neglected to agree to any condition subject to which the CoR has been issued to it; or 

is never again qualified to hold the CoR; or 

whenever neglects to satisfy any of the conditions alluded to in sections 5(2)(ii) and 5(2)(v); or 

neglects to – 

(I) consent to any Direction issued by the Bank; or 

(ii) look after records, distribute and unveil its budgetary position as per the prerequisites of any law or any Direction or request issued by the Bank; or 

(iii) submit or offer for review its books of record or other important archives when so requested by the Bank.


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