India
Who we are
India at a glance
India is the seventh largest country in the world by land area and the most populous country with over 1.4 billion people. It is divided into 28 states and 8 Union Territories, each with its own unique culture, spoken language and history. The states are further divided into districts, which are administrative divisions of the country. New Delhi is the capital city.
Banking
There are approximately 34 financial institutions operating in the country, with some of the largest being State Bank of India, HDFC Bank, ICICI Bank and Axis Bank. Reserve Bank of India(RBI) is the central bank of India.
Peer-to-Peer Lending Regulations
Peer-to-peer (P2P) lending is regulated by the Reserve Bank of India (RBI).The RBI introduced regulations for P2P lending platforms in October 2017 to bring them under a regulatory framework. These regulations were designed to safeguard the interests of investors and borrowers and ensure the orderly conduct of P2P lending activities.
Financial Regulators
Website: www.rbi.org.in,
Address: Central Office Building, Shahid Bhagat Singh Marg, Mumbai 400001, India
Email: rbi.information@rbi.org.in.
Small Claims Procedure
In India, small claims can be filed in the Small Claims Court or the Consumer Court, depending on the nature of the claim. The maximum amount that can be claimed in the Small Claims Court is INR 5,00,000, while the maximum amount that can be claimed in the Consumer Court is INR 1 crore. The procedure is relatively simple and does not require a lawyer. More information is found on the website of the National Legal Services Authority (www.nalsa.gov.in).