RBI canceled Registration: The Reserve Bank of India yesterday said that it has canceled the registration of Guwahati-based Rhino Finance Pvt Ltd for irregular lending practices.
In a release, it was informed that the Certificate of Registration (CoR) of Rhino Finance has been canceled due to violation of RBI guidelines on Outsourcing and Fair Practices Code in its digital lending operations done through third party apps, which have been made public. was considered injurious to the interest.
“The company was also not complying with extant norms relating to charging exorbitant interest and resorted to undue harassment of customers for debt recovery purposes,” RBI said.
The names of service providers/mobile apps associated with the company include Hello Loan, Credit Hub, Koko Cash, Flash Loan, Bridge Loan, Crazy Bee and Rupee Bus. The central bank said that with the repeal of the CoR, Rhino Finance would cease to conduct the business of a non-banking financial institution.
