What changed
RBI replaced the 2017 P2P lending directions with a new consolidated framework effective the day they are placed on the RBI website. The new directions explicitly require NBFC-P2Ps to remain in the Base Layer of the Scale Based Regulation (SBR) framework. They also cross-reference a list of other NBFC directions that apply to P2P platforms, with specific exceptions noted.
What it means for you
NBFC-P2Ps now have a single, updated rulebook that clarifies their regulatory standing under SBR. Lenders must ensure compliance with both these specific P2P directions and the referenced general NBFC directions, except where explicitly carved out. This reduces ambiguity but increases the compliance burden for P2P platforms.
What you must do
- Review the full NBFC-P2P Directions 2025 and map all requirements against your current policies.
- Ensure your NBFC-P2P is classified and remains in the Base Layer under SBR.
- Update compliance checklists to include the 11 other NBFC directions referenced, noting the specific exceptions.
- Train compliance and operations teams on the new registration, prudential, and governance norms.
Who it affects
All NBFC-P2P Lending Platforms, Compliance officers of NBFC-P2Ps, Board of Directors of NBFC-P2Ps, RBI supervision teams
When do these new P2P directions take effect?
The directions come into effect on the day they are placed on the website of the Reserve Bank.