HT Bureau
DIPHU, April 1: The state government in an official letter has directed the Karbi Anglong administration and others to create an awareness among public regarding cancellation of certificate of registration (CoR) in respect of Jainex India Limited and Rhino Finance Private Limited, a Guwahati-based non-banking financial institution running business in several states.
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As per RBI the company was granted CoR bearing No. 08.00034 on 12th May, 1998 to carry on the business of Non Banking Financial Institution in India as per RBI Act guidelines and directions, an official statement said, adding that in the last three years the RBI has received number of complaints from borrowers of the company primarily in the form of harassment, including resorting to coercive recovery practices against the company for its digital lending business through various Digital Lending Application (DLA’s).
Under these circumstances, the company has violated various guidelines, directions issued by RBI and under Chapter III-B of the RBI Act, the statement said.
The RBI, in exercise of power conferred by Section 45-IA (6) of the RBI Act, 1934, has cancelled the Certificate of Registration (CoR) of Jainex India Limited and Rhino Finance Private Limited.
The RBI further directed Jainex India Limited and Rhino Finance Private Limited a Guwahati based NBFC to return the CoR in original and also advised to stop carrying out NBFI business with immediate effect.
