New Delhi: Reserve Bank of India on Thursday canceled the Certificate of Registration of PC Financial Services Pvt Ltd, Delhi for violation of RBI instructions on outsourcing and Know Your Customer norms.
The firm was additionally discovered to be charging a usurious fee of curiosity & different prices to its debtors, mentioned RBI.
According to a press launch by the RBI, PC Financial Services Private Limited, New Delhi was primarily engaged in cell app-based lending operations by way of an app known as `Cashbean`.
The CoR of the corporate has been canceled on account of supervisory considerations reminiscent of gross violations of RBI instructions on outsourcing and Know Your Customer norms. Also Read: Meet Susanne Pulverer, the primary girl CEO of IKEA India
“The company was also found to be charging usurious rate of interest and other charges to its borrowers in an opaque manner apart from indulging in unauthorized use of logos of Reserve Bank and Central Bureau of Investigation for recovery from the borrowers in gross violation of the Fair Practices Code,” mentioned the discharge. Also Read: Continued coverage help essential for sustained financial restoration: RBI Governor