MUMBAI, India, March 7 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated February 25, 2025, imposed a monetary penalty of ₹16.60 lakh (Rupees Sixteen Lakh Sixty Thousand only) on Visionary Financepeer Private Limited (the company) for non-compliance with certain provisions of the 'Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017' issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under 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.
A scrutiny of the company was conducted by RBI in September 2023. Ba...