The CoR has been cancelled by RBI as the company has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, fixing of rate of interest as well as Know Your Customer (KYC) verification, to the Service Provider (SP) and failed to conduct due diligence on the SPs.
The RBI has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC):
X10 Financial Services Limited (NBFC)
(previously known as Abhishek Securities Limited)
Name of the service provider (mobile app)
XNP Technology Pvt. Ltd.
Yarlung Technology Pvt. Ltd.
Xinrui International Pvt. Ltd.
Uthinking Technology Pvt. Ltd.
Paisaxl Fintech Pvt. Ltd.
Santhusta Financial Services Pvt. Ltd.
Supersweet Infotech Pvt. Ltd.
Montoya Technologies Pvt. Ltd.
Omelette Technology Pvt. Ltd.
Magic Data Technology Pvt. Ltd.
Magic Bird Technology Pvt. Ltd.
Metway Network Technology Pvt. Ltd.
Mobicred Technology Pvt. Ltd. (Cashcred)
Mad-Elephant Network Technology Pvt. Ltd.
Intrence Technology Pvt. Ltd.
Larting Pvt. Ltd. (Moneytab)
Huidatech Technology Pvt. Ltd.
Higeki Services Pvt. Ltd.
GNSA Technologies Pvt. Ltd.
Greenhills Tech Solutions Pvt. Ltd.
Friendanar Technologies Pvt. Ltd. (Mitrcash)
Finbus Technology Solutions Pvt. Ltd. (iRupee)
Crast Star Technology Pvt. Ltd.
Damkotech Technology Pvt. Ltd.
Baitu Technology Pvt. Ltd.
Comein Network Technology Pvt. Ltd.
Acepearl Services Pvt. Ltd.
Aliyeye Network Technology India Pvt. Ltd.
Indones Technology Pvt. Ltd.
Technolosage Services Pvt. Ltd.
