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RBI proposes rules for peer-to-peer lending; seeks to regulate sector with measures

RBI proposes rules for peer-to-peer lending; seeks to regulate sector with measures
28 April 2016 Current Affairs: The Reserve Bank of India for the first time proposed rules for peer-to-peer lending, seeking to regulate a growing sector with potential measures including requiring minimum capital of Rs 2 crore ($301,023.48) or prohibiting them from promising "extraordinary returns."

The RBI also proposed on Thursday (28 April) that only those defined as companies engage in peer-to-peer lending and said it may categorise firms in the growing sector as non-banking financial companies.

Peer-to-peer lending has been growing globally, including in India, where only a limited segment of the population has access to bank finance.The central bank sought feedback to its proposals from the public by May 31.

Peer-to-peer lending : Peer-to-peer lending, sometimes abbreviated P2P lending, is the practice oflending money to individuals or businesses through online services that match lenders directly with borrowers. Since the peer-to-peer lending companies offering these services operate entirely online, they can run with loweroverhead and provide the service more cheaply than traditional financial institutions. As a result, lenders often earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower.Also known as crowdlending, many peer-to-peer loans are unsecuredpersonal loans, though some of the largest amounts are lent to businesses. Secured loans are sometimes offered by using luxury assets such as jewelry, watches, vintage cars, fine art, buildings, aircraft and other business assets as collateral. They are made to an individual, company or charity. Other forms of peer-to-peer lending include student loans, commercial and real estate loans, payday loans, as well as secured business loans, leasing and factoring.


January 2017 Current affairs
24 JAN
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December 2016 Current affairs
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