RBI cancels Certificate of Registration of M/s Rhino Finance Private Limited due to irregular lending practices - ربی - Reserve Bank of India
RBI cancels Certificate of Registration of M/s Rhino Finance Private Limited due to irregular lending practices
In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC):
As such, the above company shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934. The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in its digital lending operations undertaken through third party apps which was considered detrimental to public interest. The company was also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes. (Yogesh Dayal) Press Release: 2022-2023/1819 |
شارك هذه الصفحة:
Install the RBI mobile application and get quick access to the latest news!
