The Reserve Bank of India has canceled the license of Rhino Finance Private Limited. Now the company will not be allowed to do non-banking financial business. It got the business license in the year 2000.
RBI Canceled License Of This Company: The Reserve Bank of India often shows strictness regarding the rules. RBI has canceled the license of Rhino Finance Private Limited based in Guwahati. It is a non-banking financial institution, whose business has now been put on hold. The central bank has taken this step after the company violated the guidelines. RBI has given information about this on March 2, Thursday.
RBI gave this reason
In the statement, the Central Bank said that Rhino Finance Private Limited was not following the existing rules related to charging more interest. Along with this, outsourcing in operation of digital loan through third party has also violated RBI rules on Fair Practices Code. Equally, it was resorting to undue harassment to the customers for recovery of loan.
Got license in 2000
RBI has not given any information about the customers of the company in the statement. Explain that Rhino Finance Private Limited has received the Certification of Registration on October 16, 2000. The list of service providers of the company also includes Hello Loan, Coco Cash, CreditHub, Crazy Beej, Credit Wallet, Bridge Loan, Flash Loan, Rupay Plus, CashTM, Yuu Cash, Credit Rupay, Get Rupay, Credit Club, Cashin and Rupay Bus. have included.
