RBI cancels registration of Chinese-owned lending app Cashbean
Image Credit: twitter
The Reserve Bank of India (RBI) on February 24 cancelled the registration of fintech startup, Cashbean for flouting a slew of norms. In a press release, the central bank said that it has nullified the CoR of PC Financial Services (PCFS), for ‘supervisory concerns such as gross violations of RBI directions on outsourcing and Know Your Customer norms.’