Registration certificate of PC Financial Services cancelled

Registration certificate of PC Financial Services cancelled


The Reserve Bank of India (RBI) has cancelled the certificate of registration issued to  PC Financial Services Pvt Ltd, according to an official statement.

“In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to M/s P C Financial Services Private Limited, New Delhi,” RBI said in a statement.

  • Accordingly, PC Financial Services will not be able to transact the business of a NBFI (Non-Banking Financial Institution).
  • PC Financial Services was primarily engaged in mobile app-based lending operations through an app called ‘Cashbean’.
  • The CoR or Certificate of Recognition of the company has been cancelled on account of supervisory concerns such as gross violations of RBI directions on outsourcing and Know Your Customer (KYC) norms.\
  • 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 (CBI) for recovery from the borrowers in gross violation of the Fair Practices Code.

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