RBI cancels Certificate of Registration of PC Financial Services

RBI has cancelled the Certificate of Registration of PC Financial Services Pvt Ltd.

New Delhi: Reserve Bank of India on Thursday cancelled the Certificate of Registration of PC Financial Services Pvt Ltd, Delhi for violation of RBI directions on outsourcing and Know Your Customer norms.

The company was also found to be charging a usurious rate of interest & other charges to its borrowers, said RBI.

According to a press release by the RBI, PC Financial Services Private Limited, New Delhi was primarily engaged in mobile app-based lending operations through an app called `Cashbean`. 

The CoR of the company has been cancelled on account of supervisory concerns such as gross violations of RBI directions on outsourcing and Know Your Customer norms. Also Read: Meet Susanne Pulverer, the first woman CEO of IKEA India

"The company was also found to be charging usurious rate of interest and other charges to its borrowers in an opaque manner apart from indulging in unauthorized use of logos of Reserve Bank and Central Bureau of Investigation for recovery from the borrowers in gross violation of the Fair Practices Code," said the release. Also Read: Continued policy support crucial for sustained economic recovery: RBI Governor