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, hereinafter, transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

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 sourcing of the customers, conducting their due diligence, disbursement of loans, servicing of loans, recovery of loans granted etc. as well as Know Your Customer (KYC) verification to the Service Provider.

(Puneet Pancholy)     
Chief General Manager

Press Release: 2025-2026/1143