RBI bans 5 NBFCs in e-lender crackdown

n a major crackdown on irregularities in digital lending, the Reserve Bank of India (RBI) has cancelled the certificates of registration of five non-banking finance companies (NBFCs). The RBI said that these firms had violated the norms related to outsourcing and fair practices code in their digital lending operations. Also, they violated regulations on charging excessive interest and resorted to harassment of customers for recovery.