The Reserve Bank of India has cancelled the registration of Data Finance and Trading Private Limited for violating regulations. The company failed to comply with the regulations governing its digital loan services. If an NBFC violates these regulations, you can file a complaint with the RBI or a consumer forum.
The Reserve Bank of India (RBI) has taken a major action against New Delhi-based company Datta Finance and Trading Private Limited. The RBI has cancelled the company’s registration because the non-banking finance company (NBFC) failed to properly comply with lending regulations. Importantly, the company ignored necessary regulations regarding its digital loan service, leading the RBI to take this strict decision.
RBI said that Datta Finance and Trading Private Limited has violated the Financial Services Outsourcing Guidelines in its digital lending activities, due to which its registration has been cancelled.
Now the company will not be able to do the work of NBFC
RBI stated that the company had outsourced some of its most important functions to others, which is against regulations. These functions included finding new customers, verifying their correct information, disbursing loans, maintaining loan records, repaying funds, and completing KYC procedures. The company performed these functions through three apps: KinCash, DoLoan (a subsidiary of Zest Top One Technology Pvt Ltd), and its own app, ZestCash. RBI stated clearly that now that the company’s registration has been cancelled, it cannot perform any NBFC functions (such as disbursing loans) in the future.
What to do if an NBFC violates the rules with you?
If an NBFC (non-banking financial company) violates your rules, you should first gather complete information about the violation. You can then contact the customer service department of the relevant NBFC. If you don’t receive accurate information and your concerns aren’t resolved, you can file a complaint with the Reserve Bank of India (RBI). The RBI website offers an online complaint filing facility, where you can provide detailed information about your complaint.
Additionally, you can seek help from a consumer forum or court if the issue remains unresolved. You can also consult a financial expert or legal expert to ensure your complaint is resolved effectively and quickly. Patience is essential during this process, as resolving complaints against financial institutions can take time, but this step is crucial to preventing violations and protecting your rights.
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