Yet another big impact of Zee Business' campaign #OperationHaftaVasooli - RBI cancels Certificate of Registration of these 5 NBFCs - See full list; know reason

Zee Business ran a campaign #OperationHaftaVasooli in the interest of the borrowers who became victim of such NBFCs and their ill-treatment.

In a major development, Reserve Bank has cancelled Certificate of Registration (CoR) of 5 NBFCs due to irregular lending practices. Reuters pic.

It's yet another example of big impact of Zee Business' campaign #OperationHaftaVasooli.

Zee Business ran a campaign #OperationHaftaVasooli in the interest of the borrowers who became victim of such NBFCs and their ill-treatment.

In a major development, Reserve Bank has cancelled Certificate of Registration (CoR) of 5 NBFCs due to irregular lending practices.

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In a press release, RBI said, "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 the following five Non-Banking Financial Companies (NBFCs):

WATCH: Zee Business' campaign #OperationHaftaVasooli

"As such, the above companies shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934," RBI added in the statement.

"The CoR of the above mentioned NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest. These companies were also not complying with the extant regulations pertaining to charging of excessive interest and had resorted to undue harassment of customers for loan recovery purposes," RBI further added.

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