The Reserve Bank of India told them that Kudos Financial and Investment opportunities Ltd (Kudos Finance and Investments Pvt Ltd) in Maharashtra and Credit Gate Pvt Company limited had their registrations revoked. Both NBFCs engaged in underwriting standards that violated regulations.
Both NBFCs,s have been prohibited from conducting business with Non-Banking Financial Intermediaries following the Registration Certificate (CoR) revocation, according to a statement by the Reserve Bank (RBI). According to the monetary authority, the facilitate effective of the NBFC has already been revoked. The certification has been withdrawn because electronic lending transactions using third-party applications violated the Reserve Bank of India norms on freelancing and academic honesty procedures.
The Reserve Bank of India fined Krazybee Services Pvt Ltd for a total of Rs 42.48 lakhs at the beginning of the month.
The two additional Non-Banking Financial Companies had their licenses revoked, according to the regional bank of India, which announced this on Feb 3. The firms, as mentioned earlier, Certificates of Recognition (CoR) “had been terminated due to their electronic financial intermediation conducted via third-party applications violating RBI Regulations on Outsourced and the Fair Standards Regulation, which would have been deemed to be against the interest of the nation.