SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

NBFC: ROUTED AMOUNTS DISBURSED AND COLLECTED IN LOAN ACCOUNTS IN P2P PLATFORM THROUGH ‘CO-LENDING ESCROW ACCOUNT’ IN VIOLATION OF ‘FUND TRANSFER MECHANISM’

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	INNOFIN SOLUTIONS PVT.LTD.		DID NOT MAKE DISCLOSURE OF REQUIRED PERSONAL DETAILS INCLUDING CREDIT ASSESSMENT AND RISK PROFILE OF BORROWERS TO PROSPECTIVE LENDERS DISBURSED LOANS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS ROUTED AMOUNTS DISBURSED AND COLLECTED IN LOAN ACCOUNTS IN P2P PLATFORM THROUGH ‘CO-LENDING ESCROW ACCOUNT’ IN VIOLATION OF ‘FUND TRANSFER MECHANISM’ ALLOWED REPAYMENTS IN MERCHANT FINANCE LOANS TO BE ROUTED THROUGH NODAL ACCOUNT OF A THIRD PARTY WHICH WAS ACTING AS A LENDING SERVICE PROVIDER FOR THE COMPANY	IMPOSED PENALTY RS.1,99,50,000 21-AUG-2024
2	NDX P2P PVT.LTD.		DID NOT MAKE DISCLOSURE OF REQUIRED PERSONAL DETAILS INCLUDING CREDIT ASSESSMENT AND RISK PROFILE OF BORROWERS TO PROSPECTIVE LENDERS DISBURSED LOANS WITHOUT SPECIFIC APPROVAL OF INDIVIDUAL LENDERS ROUTED AMOUNTS DISBURSED AND COLLECTED IN LOAN ACCOUNTS IN P2P PLATFORM THROUGH ‘CO-LENDING ESCROW ACCOUNT’ IN VIOLATION OF ‘FUND TRANSFER MECHANISM’ ALLOWED REPAYMENTS IN MERCHANT FINANCE LOANS TO BE ROUTED THROUGH NODAL ACCOUNT OF A THIRD PARTY WHICH WAS ACTING AS A LENDING SERVICE PROVIDER FOR THE COMPANY TOOK PARTIAL CREDIT RISK BY FOREGOING SERVICE FEE PARTIALLY/FULLY WHICH WAS NOT PROVIDED UNDER THE SCOPE OF ACTIVITIES FOR NBFC-P2P COMPANIES	IMPOSED PENALTY RS.1,92,00,000 21-AUG-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.