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.’ Participants are persons who has entered into an arrangement with an NBFCP2P to lend on it or to avail of loan facilitation services provided by it.
Non-banking financial company – Peer to Peer Lending Platform (NBFC-P2P) means a non-banking institution which carries on the business of a Peer to Peer Lending Platform. A P2P should not give direct lending and can’t accept deposit as per the guidelines. It will just be a market place for the lenders and borrowers to assemble.
