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The RBI has revoked the registration of X10 Financial Services.

Banking & Finance | Dated: 27 Jan 2025

In January 2025, the Reserve Bank of India (RBI) cancelled the registration of X10 Financial Services Limited (formerly Abhishek Securities Limited), a Non-Banking Financial Company (NBFC) based in Mumbai, Maharashtra. This action was taken due to irregularities in the company's digital lending activities.

🎯 Key Highlights:

  • - As a result, the company is no longer permitted to operate as an NBFC.

💡 Other Important Facts:

  • (i) The company broke rules about outsourcing financial services by allowing outside service providers (SPs) to handle important tasks like credit assessment, setting interest rates, and verifying customers' identities (Know Your Customer, or KYC).
  • (ii) The company was offering loans through multiple mobile apps, including Wecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network Technology, and Huidatech Technology.

📚 Test Your Knowledge:

Which financial entity's registration was recently revoked by the RBI?

Correct Answer: X10 Financial Services

🚀 Quick Recap:

About RBI

  • Governor : Sanjay Malhotra
  • Headquarter : Mumbai