Economics · NBFC Regulatory Framework

Examine the regulatory guidelines for NBFC-Account Aggregators (AA) and NBFC-Peer to Peer Lending Platforms (P2P) in the Indian financial ecosystem. Evaluate the validity of the following statements: (1) An NBFC-AA is permitted to provide financial advice to its customers based on consolidated data. (2) The NBFC-AA is strictly prohibited from storing the financial information of the customer that it transfers, acting as a data-blind conduit. (3) The minimum Net Owned Fund (NOF) required for an NBFC-AA to commence business is 2 crore rupees. (4) An NBFC-P2P platform is allowed to provide a credit guarantee to the lenders to safeguard their principal. (5) In the P2P lending ecosystem, the aggregate exposure of a single lender to all borrowers across all P2P platforms is capped at 50 lakh rupees. (6) If a lender intends to invest more than 10 lakh rupees on a P2P platform, they must provide a certificate from a Chartered Accountant certifying a minimum net worth of 50 lakh rupees. (7) NBFC-P2P platforms are required to maintain two escrow accounts, one for funds from lenders and one for collections from borrowers, operated by a bank-promoted trustee.