SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

NBFC: DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ONCODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES IN ITS DIGITAL LENDING OPERATIONS BY OUTSOURCING CORE DECISION-MAKING FUNCTIONS SUCH AS CREDIT APPRAISAL, LOAN SANCTIONING AND KYC VERIFICATION PROCESS TO SERVICE PROVIDER

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	STAR FINSERV INDIA LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ONCODE OF CONDUCT IN OUTSOURCING OF FINANCIAL SERVICES IN ITS DIGITAL LENDING OPERATIONS BY OUTSOURCING CORE DECISION-MAKING FUNCTIONS SUCH AS CREDIT APPRAISAL, LOAN SANCTIONING AND KYC VERIFICATION PROCESS TO SERVICE PROVIDER VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON DATA CONFIDENTIALITY AND SECURITY OF CUSTOMER INFORMATION BY PROVIDING COMPLETE ACCESS TO CUSTOMER DATA TO SERVICE PROVIDER DID NOT PROVIDE COPY OF LOAN AGREEMENT AND SANCTION LETTER IN VERNACULAR LANGUAGE TO CUSTOMERS	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.