RBI cancelled the registration of two NBFCs for allegedly harassing borrowers

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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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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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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