In a notification, RBI said that the aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of INR 50 Lakh.

RBI has also made it mandatory for lenders investing more than INR 10 Lakhs on P2P platforms to have a minimum net worth of INR 50 Lakhs.

“The lender investing more than INR 10 Lakhs across all P2P platforms shall produce a certificate to P2P platforms from a practising chartered accountant certifying minimum net-worth of INR 50 Lakhs,” said RBI.

Currently, all the lending on P2P platforms is done through an escrow account, which acts as a secured third-party platform for the transaction.

In India, some of the popular P2P platforms are LenDenClub, Faircent, RupeeCircle, among others. | To read full story, visit https://startuparound.com/read/1577314050.5896754/RBI-Caps-Lending-In-P2P-Platforms-At-INR-50-Lakh?ref=audio_experience