The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) of M/s Acemoney (India) Limited, a Non-Banking Financial Company (NBFC), under the powers conferred by Section 45-IA (6) of the RBI Act, 1934.

The NBFC, headquartered at WP-501D, 2nd Floor, Unit No. 203A, Shiv Market, Ashok Vihar, Delhi, was operating several digital lending platforms including ActLoan, AgMoney, NiceCash, CashLender, QuickRupee, among others.

The Reserve Bank of India (RBI) has released a Draft Circular on “Digital Lending – Transparency in Aggregation of Loan Products from Multiple Lenders” for public feedback. This follows the announcement in RBI’s Statement on Developmental and Regulatory Policies dated December 8, 2023, regarding a regulatory framework for loan product aggregation by Lending Service Providers (LSPs).

The draft circular aims to enhance transparency in the digital lending ecosystem, particularly in how loan products from multiple lenders are presented and aggregated for customers.

The Reserve Bank of India (RBI) has cautioned the public against using Prepaid Payment Instruments (PPIs) issued by TalkCharge Technologies Pvt. Ltd., a company based in Gurgaon, Haryana, which has been operating wallets via its website and app ‘TalkCharge’ without obtaining the necessary authorization under the Payment and Settlement Systems Act, 2007.

The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank Limited to immediately cease onboarding new customers through its online and mobile banking channels and halt the issuance of fresh credit cards. The bank will continue to serve its existing customers, including credit card holders.

The Reserve Bank of India (RBI) has released two draft directions on the regulation of Payment Aggregators (PAs) and invited public comments by May 31, 2024. The drafts include new directions covering physical Point-of-Sale (POS) activities and proposed amendments to existing PA regulations.