The Reserve Bank of India (RBI) has asked all registered peer-to-peer (P2P) lenders to furnish details about borrowers, lenders, their financial profiles, total exposure of participants and the financial health of the platforms themselves as it looks to assess the overall wellbeing of the sector.
The regulator sent its queries to the companies earlier this month and asked them to respond in two weeks, said people with knowledge of the matter. The RBI is taking active interest in regulating this space and ensuring that players do not violate prudential norms in any manner.
The Economic Times (ET) understands the RBI has sent to P2P lenders a spreadsheet which needs to be filled in. This includes data on their net owned funds, metrics such as profit, loss, operational expenses, delinquency status of loans disbursed and overseas investments in the companies. Going forward, the platforms will have to report these numbers to the RBI once every three months.
The RBI didn’t respond to ET’s email seeking comment.
Source: Economic Times