In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following two Non-Banking Financial Companies (NBFCs):
1. Kudos Finance and Investments Private Limited 7th Floor, East Wing, Marisoft-3, Marigold Premises, Kalyani Nagar, Pune-411014
N-13.01958 February 03, 2010
*Service Providers* -
Flashcash,
Panyun Technologies Private Limited, Bornbrave Technologies Private Limited
2. Credit Gate Private Limited B-1011, Kanakiya Wall Street, Near Chakala Signal, Andheri (East), Mumbai - 400059
N-13.02199 April 03, 2018
*Service Providers* -
Digipeergo Tech Private Limited, Sky Line Innovation Technology India Private Limited
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 above mentioned 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.
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