“In the rapidly evolving fintech landscape, regulatory bodies and industry players keep playing complementary roles in actively shaping the future of digital finance, with key focus being on cyberse...
Published On: 01/10/2017
Practice Area: Banking & Finance, Technology, Media & Telecommunications
Authors:
The Reserve Bank of India (the 'RBI') by way of a notification dated August 24, 2017, notified that a non-banking institution that carries on 'the business of a peer to peer lending platform' shall be a non-banking financial company (the 'Notification'). The RBI has issued the Notification pursuant to Section 45-I(f)(iii) of the Reserve Bank of India Act, 1934 (the 'RBI Act') which confers power on the RBI to include any non-banking institution or class of such institutions within the definition of a 'non-banking financial company' (an 'NBFC') with the prior approval of the Central Government.
