New Delhi. After many cooperative banks, now the Reserve Bank of India has canceled the license of non-banking financial companies. Major action was taken by the Reserve Bank and orders were given to cancel the licenses of five non-banking financial companies. Due to fraud with customers on these companies, their registration certificate was canceled.
This information was given by the Reserve Bank and it was told that due to irregularities and violation of rules, the Reserve Bank has taken this decision. Companies whose license has been revoked. These include UMB Securities Limited, Anashree Finvest, Chadha Finance, Alexey Tracon and Jhuria Financial Services. Of these, Anashree Finvest provides loans to people through the mobile app. While another company Chadha Finance also provides loans to people through the app.
The Reserve Bank said on this action that the companies were violating the rules like charging excessive interest. troubling customers. Guidelines were not being followed, after which this action was taken.