RBI cancels registration of 5 NBFCs due to irregular lending practices
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In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):
| Sr. No. | Name of the NBFC | Registered Office Address | CoR No. | CoR Issued On | Name of the services provider/mobile app |
| 1 | UMB Securities Limited | No.52, Pagariya Plaza, 28th C Cross, 11th Main Road, 4th Block Jayanagar, Bangalore, Karnataka - 560011 | B-02.00082 | May 13, 1998 | M/s Fastapp Technologies Private Limited |
| 2 | Anashri Finvest Limited | No.44/2, 14th B Cross, Sarakki, JP Nagar 1st Phase, Adjacent to JP Nagar Metro Station, Bengaluru, Karnataka- 560 078 | B 02-00121 | April 03, 2018 | M/s Datimes Private Limited, M/s Bullintech Finance Private Limited, M/s TGHY Trustrock Private Limited, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More. |
| 3 | Chadha Finance Private Limited (now known as Chadha Finance Limited) | House No. 79, Floor 1st, Block A PKT 4 Sector 16, Rohini, New Delhi-110085 | B-14-02415 | December 15, 2005 | Wifi Cash |
| 4 | Alexcy Tracon Pvt Ltd | 10C, Sir William Jones Sarani, 4th Floor, Kolkata, West Bengal-700071 | B.05.05016 | March 04, 2003 | Badabro/ M/s Badabro Giga Venture Private Limited |
| 5 | Jhuria Financial Services Private Limited | Second Floor, Babu Bazar, Guwahati, Assam-781001 | 08.00067 | August 27, 1998 | M/s Aeritech Private Limited, M/s Finclub Technologies Private Limited, MoNeed, MoMo, CashFish, Kredipe, RupeeLand, Rupee Master |
As such, the above companies 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 NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest. These companies were 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)
Chief General Manager
Press Release: 2022-2023/265
Category : Income Tax | Comments : 0 | Hits : 816
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