RBI has canceled the registration of 2 NBFCs.

Banking & Finance

The Reserve Bank on Monday said it has cancelled the certificates of registration of two NBFCs -- Star Finserv India and Polytex India -- due to irregular lending practices. Hyderabad-based Star Finserv India was offering the service under 'Progcap' (owned and operated by Desiderata Impact Ventures Private Limited).Polytex India, headquartered in Mumbai, was providing services under the 'Z2P' mobile application (owned and operated by Zaitech Technologies Private Limited).


      RBI cancelled registration of Star Finserv India and Polytex India for irregular lending practices.

      Star Finserv operated 'Progcap' and Polytex operated 'Z2P' mobile app under respective parent companies.

     

 

     


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