Several times when the banks were alleged to have committed irregularities, the Reserve Bank of India took action. After taking stern action, the RBI has suspended Rhino Finance Pvt. Ltd.’s registration. Due to irregular loan activity, the Reserve Bank revoked the finance company’s registration.
Due to these factors, the registration was terminated by RBI.
A statement released by the Reserve Bank of India claimed that the Reserve Bank of India had broken the Fair Practices Code’s rules by managing digital loans through outsourcing and third-party apps. As a result, Rhino Finance Private Limited’s registration was revoked. On behalf of the Reserve Bank, it was said that these are the kinds of behaviors that have been deemed hazardous to the people.
The business was breaking the regulations.
According to the Reserve Bank, the company was acting unfairly toward clients. When it came to loan recovery. It was also breaking the regulations of charging higher interest rates. The companies’ partner service providers and mobile applications include Hello Loan, Credithub, Coco Cash, Flash Loan, Bridge Loan, Crazy Bee, and RupeeBus. According to the central bank, the company will not function as a non-banking financial institution. Due to the cancellation of the registration certificate.
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