Fintech has massively transformed money flow and settlement
transactions among millennials. Out of numerous existing fintech
models, one is peer to peer (P2P) lending. P2P
lending platforms play the role of an intermediary between two
individuals, the lender and the borrower. With the upscaling growth
rate of such platforms it has become a target for regulatory
attention and the Reserve Bank of India (RBI) came
up with regulation on October 4, 2017, vide the master direction
bearing number DNBR(PD) 090/0.10.124/2017-18 (Master
Direction) on non-banking financial peer-to-peer lending
platforms.1
The Master Direction covers all prospective and existing P2P
platforms (NBFC-P2P), which perform as P2P lending
platforms on the fulfilment of certain conditions (one of which
includes holding a net-owned fund of INR 2 crore). These registered
P2P lending platforms would appear on the RBI list of registered
NBFC-P2Ps as and when granted the certificate of registration. As
per
