RBI cancels NBFC licence of X10 Financial, backer of 30 digital loan apps
22 Jan 2025, 06:52 PMX10, according to the RBI, violated guidelines on the code of conduct in outsourcing of financial services in its digital lending operations.
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The Reserve Bank of India on Tuesday said it has cancelled registration of X10 Financial Services Ltd, a non-banking financial company (NBFC), due to irregular digital lending practices.
The banking regulator, in its release, stated the Mumbai-based NBFC was offering loans through several service providers (mobile apps), including Wecash Technology, Huidatech Technology, Yarlung Technology, Omelette Technology, Finbus Technology Solutions (iRupee), Mobicred Technology (Cashcred), Friendanar Technologies (Mitrcash) among others.
The RBI has listed over 30 such apps, through which X10 offered digital lending.
RBI said the Certificate of Registration (CoR) has been cancelled as the company violated guidelines on the code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, fixing of rate of interest as well as Know Your Customer verification, to the Service Provider (SP) and failed to conduct due diligence on the SPs.
The CoR was issued to X10 Financial Services Ltd, previously known as Abhishek Securities Ltd, in June 2015.
The company cannot transact the business of a NBFC, the central bank said.
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