SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 13-JUL-2024

NBFC: DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ONCODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES BY OUTSOURCING ITS CORE DECISION-MAKING FUNCTIONS RELATED TOCLIENT SOURCING, KYC VERIFICATION, CREDIT APPRAISAL, LOAN DISBURSAL AND LOAN RECOVERY, FOLLOW UP WITH BORROWERS AND ATTENDING & RESOLVING COMPLAINTS FROM BORROWERS

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	POLYTEX INDIA LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ONCODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES BY OUTSOURCING ITS CORE DECISION-MAKING FUNCTIONS RELATED TOCLIENT SOURCING, KYC VERIFICATION, CREDIT APPRAISAL, LOAN DISBURSAL AND LOAN RECOVERY, FOLLOW UP WITH BORROWERS AND ATTENDING & RESOLVING COMPLAINTS FROM BORROWERS EARNED FIXED FEE FROM ITS SERVICE PROVIDER, WHEREAS SERVICE PROVIDER EARNED INTEREST CHARGED ON THE BORROWER ON THESE LOANS AND IN SOME CASES AT EXORBITANT RATES IN VIOLATION OF FAIR PRACTICES CODE (CODE) GUIDELINES ISSUED BY RBI	CANCELLED CERTIFICATE OF REGISTRATION 08-JUL-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.