RBI imposes monetary penalty on Visionary Financepeer Private Limited

Case Brief

The Reserve Bank of India imposed a monetary penalty on Visionary Financepeer Private Limited by order dated February 25, 2025. RBI said the company was found, after scrutiny and follow-up proceedings, to have violated provisions of the Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. The breaches included disbursing loans to individual borrowers without specific approval from individual lenders, not ensuring that lender-borrower loan agreements were signed, failing to disclose required borrower details to lenders, lacking a Board-approved policy for pricing services, shortcomings in service-provider agreements and annual reviews, and taking partial credit risk beyond the permitted scope for NBFC-P2P entities. RBI clarified that the penalty was imposed for regulatory non-compliance and not to pronounce on the validity of customer transactions.