The Reserve Bank of India (RBI) today has cancelled the Certificate of Registration of Non-Banking Financial Institution (NBFI) Acemoney (India) Limited amid irregular lending practices, the central bank said via a release today. The lender provides ‘instant’ and personal loan services via various app and services providers including ActLoan, AgMoney, NiceCash, CashLender and various others.
“The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on managing risks and code of conduct in outsourcing of financial services in its digital lending operations undertaken through third party apps,” said RBI in the release today, April 29.
RBI further stated that Acemoney (India) also didn’t comply with the extant regulations pertaining to charging of excessive interest and ensuring confidentiality of customer information.
