License of Non-Banking Financial Company (NBFC) canceled

• RBI has canceled the NBFC license of Esmoney (India).

• RBI cited irregular lending practices while canceling the license of a Delhi-based non-banking financial company (NBFC).

• RBI has canceled the license due to violation of RBI guidelines.

• RBI issued a Certificate of Registration (CoR) to the company in 2017.

• RBI said the company was not following existing rules related to charging excessive interest and ensuring confidentiality of customer information.

• RBI has directed the company not to do non-banking financial institution (NBFI) business.