The Reserve Bank stated in a statement, after the cancellation of the Certificate of Registration (CoR), the 2 NBFCs must now not perform the enterprise of Non-Banking Financial Institution (NBFI).
The Reserve Bank of India (RBI) has canceled the registration of Pune-primarily based Kudos Finance and Investments Pvt Ltd and Mumbai-based totally Credit Gate Pvt Ltd for regulatory lapses in lending. According to the information of the news organisation language, the Reserve Bank stated in a announcement, after the cancellation of the Certificate of Registration (CoR), each NBFCs ought to no longer do the business of Non-Banking Financial Institution (NBFI).
The central financial institution stated, the certificates of registration of NBFC has been cancelled. The registration has been canceled because of violation of RBI guidelines on outsourcing of virtual lending operations and honest dealing activities through 1/3 party apps.
A fine of Rs 42.48 lakh was imposed on him
Earlier this month, the central bank imposed a penalty of Rs 42.48 lakh on Krazybee Services Pvt Ltd for failing to ensure that its recovery agents did not resort to harassment or intimidation of customers while recovering loans. Not Taken.