RBI deregisters PC Financial Services for violating standards

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RBI deregisters PC Financial Services for violating standards

Mumbai, Feb 24 (UNI) The Reserve Bank of India announced on Thursday that it has deregistered PC Financial Services due to breach of its outsourcing guidelines and KYC standards. “The company’s CoR (Certificate of Registration) has been revoked due to oversight concerns such as gross violations of RBI’s Outsourcing Guidelines and Know Your Customer standards,” RBI said in a statement posted here. . PCFS was primarily engaged in mobile app-based lending through an app called “Cashbean”, he said. “As such, PC Financial Services shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in subparagraph (a) of Section 45-I of the RBI Act 1934” , did he declare. He further stated that the company was also found to charge usurious interest rates and other fees to its borrowers in an opaque manner, in addition to engaging in unauthorized use of Bank of reserve and the Central Bureau of Investigation for recovery from gross borrowers. violation of the Code of Fair Practices. UNI PSK SHK1944

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