Money lending act & p2p lending portals

Querist : Anonymous (Querist) 20 March 2018 This query is : Resolved
Peer to Peer Lending platforms act as exchange between one individual wanting to borrow & other one to lend. Both are individuals. P2P portal acts as payment gateway & broker between these two individuals in Money Lending & Borrowing Activity. There could be multiple transactions by an individual for lending to one or more individuals. The agreement & PDCs are part of documentation. PDCs are fvg P2P portal. Agreement is tripatriate. P2P portals are not registered NBFCs. Such Lending is legitimate in view of almost every state having their own Money Lending Act. Can Lender or P2P portal file recovery suit or cheque bouncing case in case of default by borrower.

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Dr J C Vashista (Expert) 22 March 2018
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