RBI canceled Registration: Big news! RBI’s big step against this finance company, registration canceled after these allegations

Reserve Bank of India: Action was taken several times by the Reserve Bank of India (RBI) after the banks were accused of irregularities. Now, taking strict measures, RBI has canceled the registration of Rhino Finance Pvt. Ltd.

The Reserve Bank has canceled the registration of the finance company due to irregular loan activities. The registration was canceled due to these reasons, in a statement issued by the RBI, it was said that the Reserve Bank of India (RBI) has violated the guidelines of the Fair Practices Code in the operation of digital loans through outsourcing and third party apps. Due to which the registration of Rhino Finance Private Limited was cancelled. It was said on behalf of RBI that these are such activities, which have been considered harmful for the people.

The company was not following the rules

RBI said, ‘The company was also not complying with the current rules related to charging more interest and was behaving unfairly with the customers regarding loan recovery.’ Service providers / mobile apps associated with the company include Hello Loan, Credithub, Coco Cash, Flash Loan, Bridge Loan, Crazy Bee and RupeeBus. The central bank said that due to the cancellation of the registration certificate, the company will not operate as a non-banking financial institution.