RBI cancels PC Financial Service's certificate of registration

The company violated the central bank's directions on outsourcing and KYC norms and was also found to be charging very high interest rates and other charges from its borrowers

The Reserve Bank of India (RBI) on Thursday cancelled the certificate of registration of PC Financial Services, a non-banking finance company, which was engaged in mobile app-based lending business through its app called ‘Cashbean’, citing a number of violations including charging exorbitant rate of interest and other charges to its borrowers in an opaque manner.

The company violated the central bank’s directions on outsourcing and “Know Your Customer” norms and was also found to be charging very high interest rates and other charges from its borrowers in an opaque manner, the RBI said in a statement. It was also involved in