RBI News: Reserve Bank cancels the registration of PC Financial Services, know the reason here

Posted on 25th Feb 2022 03:09 pm by rohit kumar

The Reserve Bank of India (RBI) has taken major action against PC Financial Services Pvt Ltd for disobeying instructions. The central bank has canceled its certificate of registration. Now it will not be able to do any kind of transaction.

 

 

transaction ban

 

According to a report issued in this regard, "This action has been taken in exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934. RBI issued a notice to M/s PC Financial Services Pvt Ltd. The Certificate of Registration (COR) has been cancelled. It will not transact as an NBFI since then. The RBI said in a statement issued by the RBI regarding this action. was found to be indulging in arbitrarily charging high-interest rates and other charges from its borrowers.

 

 

Action is taken for violation of rules

 

According to the report, the reason behind this action has been cited as the unauthorized use of the logo of the central bank and CBI and charging high-interest rates as well as violation of several rules. Let us inform you that PC Financial Services was primarily associated with mobile app-based lending operations through an app called 'CashBean'. The central bank said that the company's CoR has been canceled for violation of RBI guidelines on outsourcing and KYC.

Other news

US Abortion Laws: Effect of Supreme Court's decision in America, increased sales of contraceptive emergency pills

After the Supreme Court in the US overturned its 49-year-old decision that legalized abortion, th

Uniform Civil Code: PM Modi raised the issue of UCC, then the opposition became aggressive, DMK said – first apply to Hindus

The Law Commission has sought views from common people and religious political organizations rega

Cryptocurrency: Strong boom in the crypto market after stock market, strong rise in bitcoin

Bitcoin Jumps High: The brakes have been put on the continuous decline in bitcoin. Bitcoin is tra

Thalapathy Vijay: After becoming a politician, Thalapathy Vijay came among the public for the first time, addressed the fans as 'comrade'

Tamil superstar Dalapathy Vijay has now entered the world of politics after making his acting deb

The challenge to China: India's rail lines will connect with West Asia! Four countries made a plan, and Doval took charge

Indian-made trains may soon run in many Gulf countries including Saudi Arabia and the United Arab

Rajasthan Politics: Congress has a big plan behind giving clean chit to Gehlot! Who will bow down to the 'magician' or the pilot?

The political crisis of Rajasthan is taking a new turn every day. After the rebellion of the Gehl

Covid-19: Corona increased tension, number of active patients crossed 1.45 lakh, more than 20 thousand new cases

The increase in the number of active corona patients in the country has once again raised the con

PM Modi will visit Haryana and Punjab on August 24, and will give hospitality

Prime Minister Narendra Modi will visit Haryana and Punjab on 24 August. During this time they wi

Twitter fired 50% of its employees: Musk said - there is a loss of Rs 33 crore daily, no option but to lay off

Elon Musk has started laying off employees around the world with the purchase of Twitter. Nearly

IND vs ENG: 'He deserves more credit...' Sehwag said big things about this player instead of Jurel-Yashshvi

Indian spinners dominated on the third day of the fourth Test match between India and England. In