RBI canceled Bank License: Big news for these bank customers! RBI again canceled the license of these two banks, check details

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Reserve Bank of India: Strict action has been taken by the Reserve Bank of India (RBI) against two Non-Banking Finance Company (NBFC).

It was informed by the RBI that the registration of Pune based Kudos Finance and Investments Limited (Kudos Finance and Investments Private Limited) and Mumbai based Credit Gate Private Limited has been cancelled. Both the NBFCs were involved in regulatory lapses in lending.

certificate of registration has been canceled

The statement issued by the Reserve Bank (RBI) said that after the cancellation of the Certificate of Registration (CoR), both NBFCs (NBFCs) cannot do business of Non-Banking Financial Institutions (NBFIs). The central bank said, ‘…the registration certificate of the NBFC has been cancelled. The registration has been canceled due to violation of RBI guidelines on outsourcing and fair dealing activities in the work of digital loan operations through third party apps.

Undue harassment to customers

According to RBI, the above two NBFCs were also not following the existing norms of charging higher interest. Along with this, undue harassment was done to the customers regarding loan recovery. In early February, the RBI imposed a fine of Rs 42.48 lakh on Crazybee Services Private Limited. A case of harassing customers at the time of loan recovery by Crazybee’s recovery agent came to the fore.

(pc rights of employees)

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