The Reserve Bank of India (RBI) on Monday announced it has cancelled the Certificate of Registration (CoR) of New Delhi-based Datta Finance and Trading Pvt Ltd for violating norms in its digital lending operations.
According to the RBI, the NBFC breached guidelines on outsourcing of financial services by delegating core functions—including customer sourcing, due diligence, loan disbursement, servicing, recovery and KYC verification—to a third-party service provider.