In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC): | Sr. No. | Name of the NBFC | Registered Office Address | CoR No. | CoR Issued on | Name of the services provider/mobile app | | 1 | Rhino Finance Private Limited | R Dutta Market, Second Floor, A.T. Road, Guwahati, Assam – 781001 | B.08.00128 | October 16, 2000 | Hello Loan, Credithub, KoKo Cash, Flash Loan, Bridge Loan, Crazy Bee, Credit Wallet, CashTM, UU Cash, Rupee Plus, Credit Rupee, Cash Daddy, Get Rupee, Cashin, Credit Club and Rupee Bus. | 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. The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in its digital lending operations undertaken through third party apps which was considered detrimental to public interest. The company was 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. (Yogesh Dayal)
Chief General Manager Press Release: 2022-2023/1819 | |