The Reserve Bank of India has given a special category non-banking financial company status to Peer-to-peer (P2P) lending platforms in India. The banking regulator has also come out with a framework for these companies, which also include limits on lending and borrowing for individuals and redressal mechanism to address participant’s concerns. Mint Money spoke to Rajat Gandhi, founder and chief executive officer of Faircent, a P2P marketplace which has been in operations since 2014, on his vision for the nascent industry in India. Excerpts:

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