RBI Cancels NBFC Registration Of X10 Financial Services Ltd
2 months ago

RBI Cancels NBFC Registration Of X10 Financial Services Ltd

Live Law  

The Reserve Bank of India in a significant development has cancelled registration of X10 Financial Services Ltd, a non-banking financial company, on account of irregularity in its digital lending operations. The company, located in Mumbai, was providing loans through several service providers which mostly included mobile apps likeWecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network Technology and Huidatech Technology. The registration was cancelled as the company violated guidelines on the code of conduct in outsourcing of financial services in its digital lending operations. The certificate of registration was provided by the RBI to the X10 Financial Services Ltd in June, 2015.

Technology Financial Services Service Rbi Nbfc X10 Financial Services Ltd  nbfc  outsourcing  service  registration  company  technology  rbi  services  operations  cancels  financial  x10

History of this topic

RBI Cancels Licence Of Kerala-based Ananthasayanam Co-operative Bank
1 year, 6 months ago

RBI Cancels Licence Of Kerala-based Ananthasayanam Co-operative Bank

News 18  

The Reserve Bank of India, on September 21, cancelled the license of The Ananthasayanam Co-operative Bank. In the release, the RBI said, “This makes it obligatory on the part of The Ananthasayanam Co-operative Bank Ltd., Trivandrum to stop conducting the business of ‘banking’ within the meaning of section 5 of the Act ibid, including acceptance of deposits from non-members with …

RBI cancels certificate of registration of 17 NBFCs. Check details here
2 years ago

RBI cancels certificate of registration of 17 NBFCs. Check details here

Live Mint  

The Reserve Bank of India on Friday cancelled the Certificate of Registration of 17 non-banking financial companies. The list includes Dhanbad Properties Private Ltd, Soorya Vanijya & Investment Ltd., Jainex India Ltd, Jayam Vyapaar Pvt Ltd, and JM Holdings Pvt Ltd, Wide Range Sales Pvt. Ltd, Syn Pack Finance Pvt Ltd, B D Vanijya Udyog Pvt Ltd, Quency Consultancy Pvt …

RBI slams banks, NBFCs as digital loan agents flout code
4 years, 9 months ago

RBI slams banks, NBFCs as digital loan agents flout code

The Hindu  

The Reserve Bank of India has come down heavily on banks and non-banks as it found violation of fair practices code by digital platforms that act as an agency of these lenders to sell loans. The RBI said it found the platforms tend to portray themselves as lenders without disclosing the name of the bank/ NBFC at the back end …

‘22,000 firms not registered as NBFCs committing financial frauds’
12 years ago

‘22,000 firms not registered as NBFCs committing financial frauds’

The Hindu  

Amid growing cases of innocent people being cheated by multi-level marketing firms through various Ponzi schemes, Corporate Affairs Minister Sachin Pilot has asked the Reserve Bank of India to immediately act against companies that are not registered as non-banking financial companies but are floating financial schemes and committing frauds. Pilot said most of the MLM companies involved had got themselves …

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