With the number of peer to peer (P2P) lending platforms rising online, the Reserve Bank of India has proposed that they be registered as non-banking finance companies (NBFCs) to bring them under the purview of the regulator.

“In its nascent stage, this industry has the potential to disrupt the financial sector and throw surprises. A sound regulatory framework will prevent such surprises,” said the RBI while making its case for regulation in a consultation paper made public on Thursday.

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