The Reserve Bank of India announced that it had revoked the registration of two non-banking finance companies (NBFCs) – Pune-based Kudos Finance and Investments and Mumbai-based Credit Gate – for regulatory violations in lending practices.
With the cancellation of the Certificate of Registration (CoR), the two NBFCs should not conduct Non-Banking Financial Institution (NBFI) business, according to the RBI’s statement.
“The NBFCs’ CoRs were cancelled due to violations of the RBI Guidelines on Outsourcing and the Fair Practices Code in their digital lending operations conducted through third-party apps, which were deemed detrimental to the public interest,” the statement said.
According to the statement, the entities were also not following existing regulations regarding charging of excessive interest, and had engaged in undue harassment of customers for loan recovery purposes.
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