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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 cancellation follows RBI’s findings of irregular lending practices, including violations of guidelines on risk management, code of conduct in outsourcing financial services, charging of excessive interest rates, and failure to ensure confidentiality of customer information.
As a result, Acemoney (India) Limited is no longer authorised to conduct NBFC business, and all operations through its digital lending apps are prohibited.
[RBI]