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Press Release

PDF document (327 kb)
Date : Apr 29, 2024
Reserve Bank cancels Certificate of Registration of M/s Acemoney (India) Limited due to irregular lending practices

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):

Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued On Name of the services provider/mobile app
1 Acemoney (India) Limited WP-501D, 2nd Floor, Unit No. 203A, Shiv Market, Ashok Vihar, North West Delhi, Delhi-110052 N-14.03358 February 21, 2017 ActLoan, AgMoney, NiceCash, CashLender, QuickRupee, leading cash, TopCash, CreditEasy, InhanCash, KeyBorrow, Rushloan, CaymanCash, Loan Union, instant loan, Urupee, CashYes, RupeeUp, RupeeYes, Cashfull, Dreamloan, Grandloan, HopeLoan, KreditLoan, Leloloan, LendNow, PunchMoney, RocLoan, RupeeGo, HavCash, QuickCash, Cashere, Cash delivery, BusyAnt, Cash Dove

As such, the above company 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.

The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on managing risks and code of conduct in outsourcing of financial services in its digital lending operations undertaken through third party apps. The company was also not complying with the extant regulations pertaining to charging of excessive interest and ensuring confidentiality of customer information.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2024-2025/204