NBFC news update:
The Reserve Bank has cancelled the Certificate of Registration (CoR) issued to Non-Banking Financial Company (NBFC) due to irregular lending practices
ActLoan, AgMoney, NiceCash, CashLender, QuickRupee, leading cash, TopCash, CreditEasy, InhanCash, KeyBorrow, Rushloan, CaymanCash, Loan Union, instant loan, Urupee, CashYes, RupeeUp, RupeeYes, Cashfull, Dreamloan, Grandloan, HopeLoan, KreditLoan, Leloloan, LendNow, PunchMoney, RocLoan, RupeeGo, HavCash, QuickCash, Cashere, Cash delivery, BusyAnt, and Cash Dove these are the NBFCs whoes certificate has been canceld.
“The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on managing risks and code of conduct in outsourcing of financial services in its digital lending operations undertaken through third party apps. The company was also not complying with the extant regulations pertaining to charging of excessive interest and ensuring confidentiality of customer information” RBI said.
