SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 29-APR-2025

NBFC: TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	BRIDGE FINTECH SOLUTIONS PVT.LTD.		DISBURSED LOANS TO INDIVIDUAL BORROWERS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES DID NOT ENSURE THAT ITS AGREEMENTS WITH SERVICE PROVIDERS INCLUDED CLAUSES TO RECOGNIZE THE RIGHT OF RBI TO CAUSE INSPECTION TO BE MADE OF THE SERVICE PROVIDERS AND UNDERTAKE ANNUAL REVIEW OF THE SERVICE PROVIDERS DID NOT CONDUCT PERIODIC REVIEW OF COMPLIANCE OF FAIR PRACTICES CODE AND FUNCTIONING OF GRIEVANCES REDRESSAL MECHANISM	IMPOSED PENALTY RS.10,00,000 04-MAR-2025
2	FAIRASSETS TECHNOLOGIES INDIA PVT.LTD.		DISBURSED LOANS TO INDIVIDUAL BORROWERS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES DID NOT UNDERTAKE AND DISCLOSE CREDIT ASSESSMENT AND RISK PROFILE OF BORROWERS TO PROSPECTIVE LENDERS DID NOT ADHERE TO RBI’S DIRECTIONS ON ‘FUND TRANSFER MECHANISM’, WHEN IT ALLOWED REPAYMENTS TO LENDERS FROM FRESH FUNDS PROVIDED BY NEW/ EXISTING LENDERS OR THROUGH REPAYMENTS POOLED FROM BORROWERS RATHER THAN FROM A SPECIFIC BORROWER TO A SPECIFIC LENDER	IMPOSED PENALTY RS.40,00,000 11-FEB-2025
3	NDX P2P PVT.LTD.		DID NOT MAKE DISCLOSURE OF REQUIRED PERSONAL DETAILS INCLUDING CREDIT ASSESSMENT AND RISK PROFILE OF BORROWERS TO PROSPECTIVE LENDERS DISBURSED LOANS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS ROUTED AMOUNTS DISBURSED AND COLLECTED IN LOAN ACCOUNTS IN P2P PLATFORM THROUGH ‘CO-LENDING ESCROW ACCOUNT’ IN VIOLATION OF ‘FUND TRANSFER MECHANISM’ ALLOWED REPAYMENTS IN MERCHANT FINANCE LOANS TO BE ROUTED THROUGH NODAL ACCOUNT OF A THIRD PARTY WHICH WAS ACTING AS A LENDING SERVICE PROVIDER FOR THE COMPANY TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES	IMPOSED PENALTY RS.1,92,00,000 21-AUG-2024
4	VISIONARY FINANCEPEER PVT.LTD.		DISBURSED LOANS TO INDIVIDUAL BORROWERS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS DID NOT ENSURE THAT EACH INDIVIDUAL LENDER AND BORROWER HAD SIGNED A LOAN AGREEMENT DID NOT MAKE DISCLOSURE OF REQUIRED DETAILS OF THE BORROWERS TO THE LENDERS DID NOT HAVE BOARD APPROVED POLICY FOR PRICING OF SERVICES PROVIDED DID NOT ENSURE THAT ITS AGREEMENTS WITH SERVICE PROVIDERS INCLUDED CLAUSES TO RECOGNIZE THE RIGHT OF RBI TO CAUSE INSPECTION TO BE MADE OF THE SERVICE PROVIDERS AND UNDERTAKE ANNUAL REVIEW OF THE SERVICE PROVIDERS TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES	IMPOSED PENALTY RS.16,60,000 25-FEB-2025
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.