MUMBAI, India, Sept. 22 -- Reserve Bank of India issued the following press release:
In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC):
Name/ details of the NBFC Name of the service provider (mobile app) Datta Finance and Trading Private Limited
Registered Office Address:
K-1/82 Chittaranjan Park, South Delhi, New Delhi, Delhi, India, 110019
CoR No.:
B-14.01007 dated March 29, 2000 1. KinCash app & DoLoan app - Zest Top One Technology Private Limited
2. ZestCash app - the company's in-house app
As such, the above company shall not, hereinafter, transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
The CoR has been cancelled by RBI as the company has violated RBI guidelines on code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as sourcing of the customers, conducting their due diligence, disbursement of loans, servicing of loans, recovery of loans granted etc. as well as Know Your Customer (KYC) verification to the Service Provider.
(Puneet Pancholy)
Chief General Manager
Press Release: 2025-2026/1143
Disclaimer: Curated by HT Syndication.
