P2P lending platforms to get transparent, safer

With these platforms getting access to credit bureaus, small borrowers, who find it difficult to get loans from banks, can use them to build a credit profile

The norms on peer-to-peer (P2P) lending platforms issued by the Reserve Bank of India (RBI) will help make them more transparent and also safer for customers. After classifying P2P platforms as non-banking financial companies (NBFC) last month, the central bank has now introduced rules they need to follow and mechanisms that they need to put in place. 

“The regulations ensure that P2P platforms will protect the interests of lenders and borrowers will get faster access to credit,” says Shankar Vaddadi, founder and director of i-lend. He adds that one of the biggest benefits of being classified as