Case Brief
RBI cancelled the Certificate of Registration of M/s P C Financial Services Private Limited, New Delhi, under Section 45-IA(6)(iv) of the RBI Act, 1934. The company was primarily engaged in mobile app-based lending through Cashbean. RBI cited gross violations of directions on outsourcing and Know Your Customer norms, opaque charging of usurious interest and other charges, and unauthorized use of RBI and CBI logos during recovery efforts, all in breach of the Fair Practices Code.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- New Delhi, Delhi
- Order Date