RBI cancels the license of 2 NBFCs for lapses in digital lending. - Finance Ppl

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RBI cancels the registration Licence of two NBFCs, kudos finance investments and credit gate private limited, from Pune and Mumbai respectively.

According to RBI statement, these entities committed violations in regulations for  digital lending practices using third party apps, which was considered detrimental to public interest.

Statement also revealed that the said NBFCs were involved in undue harassment of customers for loan recovery purpose and charging excessive rate of interest from customers.