Mumbai:
The Reserve Bank said on Friday that it had imposed a fine of Rs 76.6 lakh on four non-banking financial companies on non-banking financial companies with some provisions of its instructions related to the ‘Peer-to-Pier Lending Platform’.
Faircatts Technologies India has been fined Rs 40 lakh and every 10 lakh rupees have been imposed on Bridge Fintech Solutions and ‘Non-Banking Financial Company-to-Pier-Pier-Pier-Pier-Pier Lending Platform (Reserve Bank) directions, 2017’ with some provisions of D2 P2 P2 P2 PO Financial Services has been made.
The RBI also said that a finance of Rs 16.6 lakh has been imposed on visionary financepiers.
In each case, the central bank stated that the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce any transaction or validity of the agreement with its customers.
The central bank spoke about the punishment through separate release.
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