RBI: 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.’
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.
Registration canceled due to these reasons
In a statement issued by the RBI, it was said that due to violation of the guidelines of the Reserve Bank of India (RBI) on the Fair Practices Code in the operation of digital loans through outsourcing and third party apps, 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 complying with the extant norms related to charging high interest and was treating the customers unfairly with regard to loan recovery. Service providers / mobile apps associated with the company include Hello Loan, Credithub, Koko Cash, Flash Loan, Bridge Loan, Crazy Bee and Rupee Bus are included. The central bank said that due to the cancellation of the registration certificate, the company will not operate as a non-banking financial institution.
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