LenDenClub is flouting RBI rules to run its business. Despite having a good run, the P2P lending platform seems to be playing “fast and loose with the rules”, which were updated by the Reserve Bank of India in August last year. The company is reportedly in breach of the T+1 settlement rule for funds, and loans are being disbursed without the individual lender’s specific approval, which is a mandatory RBI clause. Furthermore, the platform’s “Auto-lending” product may be a breach.Published by: The Morning ContextRead full story here: Main Article
