India, March 7 -- The Reserve Bank of India (RBI) has imposed a cumulative monetary penalty of INR 76.60 Lakh on four non-banking financial company peer-to-peer (NBFC-P2P) lending platforms - Faircent, LEO1, Finzy and Rang De.

While Rang De and Finzy have been penalised INR 10 Lakh each, LEO1's parent Visionary Financepeer Pvt Ltd has been fined INR 16.60 Lakh. The biggest penalty of INR 40 Lakh has been imposed on Faircent.

The platforms have been penalised over non-compliance with certain provisions of the NBFC-P2P directions, 2017.

The RBI, which initiated scrutiny of the affairs of these companies in September 2023, found multiple issues with their operations. The details are as mentioned below:

Faircent: The RBI issued the moneta...