RBI cancels Certificate of Registration of Acemoney (India) Limited due to irregular lending practices

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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The following services and apps of the NBFC  like, ActLoan, AgMoney, NiceCash, CashLender, QuickRupee, leading cash, TopCash, CreditEasy, InhanCash, KeyBorrow, Rushloan, CaymanCash, Loan Union, instant loan, Urupee, CashYes, RupeeUp, RupeeYes, Cashfull, Dreamloan, Grandloan, HopeLoan, KreditLoan, Leloloan, LendNow, PunchMoney, RocLoan, RupeeGo, HavCash, QuickCash, Cashere, Cash delivery, BusyAnt, Cash Dove are prohibited through operations.

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