India, March 10 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 16.60 lakh on Visionary Financepeer Private Limited for non-compliance with certain provisions of the Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. The penalty was issued through an order dated February 25, 2025, under the Reserve Bank of India Act, 1934.
The penalty follows an RBI scrutiny conducted in September 2023, which identified multiple instances of non-compliance. The company was issued a show-cause notice, and after reviewing its response and submissions, RBI confirmed the violations.
Key compliance failures by Visionary Financepeer Private Limited include:
Disbursing loans without speci...