Page 5 - Fair Practices Code News Today

RBI cancelled the Certificate of Registration (CoR) issued to 5 Non-Banking Financial Companies (NBFCs) for irregular lending practices.

The non-bank lenders whose registrations were cancelled by the RBI include UMB Securities, Anashri Finvest, Chadha Finance, Alexcy Tracon and Jhuria Financial Services.

The Reserve Bank of India (RBI) cancelled certificate of registration (CoR) of five non-banking financial companies (NBFCs) for violating norms related to outsourcing and fair practices code in their digital lending operations.

"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," RBI added.

Registration of five NBFCs canceled by RBI due to irregular lending practices - The CoR have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations.

The Reserve Bank of India (RBI) released new guidelines for the issuance of credit and debit cards, replacing nineteen existing directions.

RBI has cancelled the Certificate of Registration of PC Financial Services Pvt Ltd. 

Reserve Bank of India on Thursday cancelled the Certificate of Registration of PC Financial Services Pvt Ltd, Delhi for violation of RBI directions on outsourcing and Know Your Customer norms.

The Prime Minister recently called for a FinTech revolution with a security shield. The RBI’s working group on digital lending has submitted its recommendations, making it an opportune time to a

The Reserve Bank of India (RBI) is inundated with complaints of harsh recovery practices, breach of data privacy, increasing fraudulent transactions, cybercrime, excessive interest rates and harassment of consumers, said deputy Governor M Rajeshwar Rao cautioning NBFC players against coercive recovery practices.