RBI Action: On April 29, RBI has taken major action against an NBFC. The Central Bank has canceled its license. Know which bank this is.
The Reserve Bank of India (RBI) keeps a strict watch on all the banks of the country. If any bank does not follow the rules of RBI, then strict action is taken against it (RBI Action). In this series, today RBI canceled the registration certificate of an NBFC.
The license of Acemoney (India) Limited has been canceled by RBI. RBI said that it has canceled the license due to irregular loan practice under Section 45- IA (6).
RBI said in a release that the central bank has canceled the company’s license because it was violating the RBI guidelines on management of risk in outsourcing of financial services in its digital loan operations conducted through third party apps. .
The release said that the company was also not following existing rules related to charging excessive interest and ensuring confidentiality of customer information.
It may be noted that the Certificate of Registration was issued to Acemoney India Limited on 21 February 2017.
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