RBI cancels Certificate of Registration of X10 Financial Services Limited due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of X10 Financial Services Limited, which is identified as a non-banking financial company. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The provided release body does not specify detailed findings, though the title indicates irregular lending practices as the reason.
The RBI, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration issued to X10 Financial Services Limited, a non-banking financial company. The supplied body text does not provide the detailed factual findings or specific violations beyond the title’s reference to irregular lending practices.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 licensing action regardless of any monetary amount.
X10 Financial Services Limited can no longer operate as an NBFC under its cancelled CoR. The cancellation has immediate adverse regulatory consequences for the company and affects its ability to conduct regulated lending business.
Published as X10 Financial Services Limited
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