▪️Is also known as “social lending” or “crowd lending.” It has only existed since 2005, but the crowd of competitors already includes Prosper, Lending Club, Peerform, Upstart, and Street Shares.
▪️These platforms are categorised as NBFC-P2P and are accordingly regulated by the RBI. The RBI has issued NBFCP 2P guidelines to regulate these platforms.
▪️Peer-to-Peer Lending Platforms are not allowed to accept deposits. It is a mechanism which enables the people to borrow and lend money without the need for financial institutions such as banks.
▪️According to the RBI guidelines, ‘Peer to Peer Lending Platform means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants.
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