Business News Desk, Several actions were taken by the Reserve Bank of India (RBI) after the banks were accused of irregularities. Now, taking strict steps, RBI has canceled the registration of Rhino Finance Private Limited. Ltd. has been de-registered by the Reserve Bank of India for irregular lending activities.
Registration canceled due to these reasons
In a statement issued by RBI, it was said that due to violation of Reserve Bank of India (RBI) guidelines on Fair Practices Code in Outsourcing and Operation of Digital Loans through Third Party App, Rhino Finance Pvt. Registration has been 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 following the extant norms relating to charging high interest and misbehaving with the customers with regard to loan recovery. The service providers/mobile apps associated with the company include Hello Loan, Credithub, Koko Cash, Flash Loans, Bridge Loans, Crazy Bee and Rupee Bus. The central bank said that with the cancellation of the registration certificate, the company will not operate as a non-banking financial institution.