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RBI has cancelled Acemoney's (India’s) NBFC licence

Published on May 02, 2024
Current Context: The Reserve Bank of India (RBI) has indeed cancelled the licence of Acemoney India Limited, a non-banking financial company (NBFC).
RBI has cancelled Acemoney's (India’s) NBFC licence
  • The cancellation was due to irregular lending practices and violation of RBI guidelines.
  • The company, which had received the certificate of registration in February 2017, was found to be not complying with the extant regulations pertaining to charging excessive interest and ensuring confidentiality of customer information.
  • As a result, the company is now not allowed to transact the business of a Non-Banking Financial Institution.
  • This action by the RBI is part of its ongoing efforts to ensure compliance and protect the interests of consumers in the financial sector.

Question:

Q.1 Why did the Reserve Bank of India (RBI) cancel the license of Acemoney India Limited?
a. Due to successful business practices
b. Due to irregular lending practices and violation of RBI guidelines
c. Due to a change in the company’s management
d. Due to the company’s expansion into new markets
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