RBI cancels Certificate of Registration of Acemoney (India) Limited due to irregular lending practices
As such, the company 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 Reserve Bank of India in a recent circular as per the exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration (CoR) issued to the Acemoney [India] Non-Banking Financial Company (NBFC).
As such, the above company 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.
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The CoR of the abovementioned company has been cancelled because of a violation of RBI guidelines on managing risks and code of conduct in outsourcing financial services in its digital lending operations undertaken through third-party apps. The company was also not complying with the extant regulations on charging excessive interest and ensuring confidentiality of customer information.
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