RBI cancelled the registration of two NBFCs for allegedly harassing borrowers

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RBI cancelled the registration of two NBFCs for allegedly harassing borrowers

The Reserve Bank of India (RBI) has cancelled the registration of two non-banking financial companies (NBFCs) for allegedly harassing borrowers, following the ban on Chinese lending apps.

The central bank cancelled Kudos Finance and Credit Gate’s Certificate of Registration (CoR) on February 13. The central bank stated that the digital lending operations undertaken by these two NBFCs via third-party apps were detrimental to the public interest, citing violations of the RBI guidelines on outsourcing and the Fair Practices Code. The Reserve Bank of India Act, 1934, was used to issue the orders barring the two entities.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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The Reserve Bank of India (RBI) has cancelled the registration of two non-banking financial companies (NBFCs) for allegedly harassing borrowers, following the ban on Chinese lending apps.

The central bank cancelled Kudos Finance and Credit Gate’s Certificate of Registration (CoR) on February 13. The central bank stated that the digital lending operations undertaken by these two NBFCs via third-party apps were detrimental to the public interest, citing violations of the RBI guidelines on outsourcing and the Fair Practices Code. The Reserve Bank of India Act, 1934, was used to issue the orders barring the two entities.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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