The Reserve Bank said that Visionary Financepeer has been fined Rs 16.6 lakh. The central bank said that in each case, the fine is based on deficiencies in regulatory compliance.
The Reserve Bank of India said that it has imposed a fine of Rs 76.6 lakh on four non-banking financial companies (NBFCs). This fine has been imposed on platforms (peer-to-peer lending platforms) connecting lenders and people seeking to borrow. This fine has been imposed for non-compliance with some provisions of RBI instructions. FairAssets Technologies India has been fined Rs 40 lakh and Bridge Fintech Solutions and Rang De P2P Financial Services have been fined Rs 10 lakh each for non-compliance of some provisions of the ‘Non-Banking Financial Company – Peer-to-Peer Lending Platform (Reserve Bank) Directions, 2017’.
Visionary Financepeer also fined
The Reserve Bank said that Visionary Financepeer has been fined Rs 16.6 lakh. The central bank said that in each case, the fine is based on deficiencies in regulatory compliance and is not intended to pronounce a verdict on the validity of any transaction or agreement entered into by the entities with their customers. The central bank informed about the fine through separate releases.
Fines were also imposed on these banks
The Reserve Bank of India had earlier imposed fines on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliance. The RBI had said in a statement that it imposed a fine of Rs 65 lakh on Equitas Small Finance Bank. At the same time, India Post Payments Bank Ltd. was fined Rs 26.70 lakh for not following some instructions on ‘customer service in banks’. Apart from this, Aptus Finance India Private Ltd. was also fined Rs 3.10 lakh for violating some provisions of the norms related to non-banking financial company.
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