Page 4 - Fair Practices Code News Today

Meanwhile, the central bank has also imposed penalties on several cooperative banks for contravention of its different norms.

"The ED has filed a prosecution complaint against 7 entities and 5 individuals involved in the Chinese Loan App case before the Special PMLA Court, Bengaluru. The court has taken cognisance of the complaint," an ED official said.

Besides Razorpay, three fintech companies controlled by Chinese nationals and three NBFCs have also been named in the chargesheet

The RBI answers FAQs clarifying many provisions in the digital lending guidelines issued in September 2022 applicable to lending apps

RBI has cancelled the licenses issued to NBFCs Kudos Finance and Investments Private Limited and Credit Gate Private Limited.

A week after ban on Chinese lending apps, the RBI has now cancelled the registration of two NBFCs for allegedly harassing borrowers.

Reserve Bank said it has observed that recovery agents are deviating from its instructions with regard to the recovery of loans, , reserve bank of india

The RBI observed rising complaints and incidents of unacceptable behaviour by Recovery Agents when reaching out to borrowers.

RBI to borrowing agents: It is advised that the REs (regulated entities) shall strictly ensure that they or their agents do not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, ​the ​RBI said in a notification.

The Reserve Bank of India has cancelled the Certificate of Registration (CoR) of five Non-Banking Financial Companies (NBFCs). The five NBFCs are UMB Securities Ltd, Anashri Finvest, Chadha Finance, Alexcy Tracon and Jhuria Financial Services.