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- Mechanism which enables the people to borrow and lend money without the need for financial institutions such as banks.
- P2P lending platform brings together the people who are willing to lend money and the money who wants to borrow money and enables such participants to lend and borrow money through an online platform.
- Examples: Faircent, OMLP2P, Lendenclub, Finzy, i2ifunding, Cashkumar, Rupeecircle, Lendbox, etc.
- Regulation of P2P lending platforms:
- These platforms are categorised as NBFC-P2P and are accordingly regulated by the RBI.
- These Platforms should not be involved in any direct financial activity of lending money.
- The interest rate may be set by the platform or through mutual agreement between borrowers and lenders
