Mumbai/New Delhi, March 7 -- The Reserve Bank of India has imposed a monetary penalty on four Non-banking Finance companies (NBFCs) - Rang De P2P Financial Services, Fairassets Technologies India Private Limited (also referred to as Faircent), Visionary Financepeer Private Limited and Bridge Fintech Solutions Private Limited (also referred to as Finzy) for non-compliance with provisions of the NBFC directions.
RBI imposed a monetary penalty of Rs 10 lakh on Rang De P2P Financial Services Limited, the RBI said, adding the company disbursed loans to individual borrowers without the specific approval of individual lenders.
A monetary penalty of Rs 40 lakh was imposed on Fairassets Technologies India Private Limited for disbursing loans witho...