SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 29-APR-2025

NBFC: DID NOT CONDUCT DUE DILIGENCE ON LENDING SERVICE PROVIDERS (LSPS) TO ASSESS THEIR COMPETENCE, SECURITY AND INTERNAL CONTROLS, ULTIMATE BENEFICIAL OWNERS, NATIONALITY/ SHAREHOLDING PATTERN ETC.

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S.No.	ENTITY	PERSONS	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
1	ZAVRON FINANCE PVT.LTD.		DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI ON CODE 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 DID NOT CONDUCT DUE DILIGENCE ON LENDING SERVICE PROVIDERS (LSPS) TO ASSESS THEIR COMPETENCE, SECURITY AND INTERNAL CONTROLS, ULTIMATE BENEFICIAL OWNERS, NATIONALITY/ SHAREHOLDING PATTERN ETC. DID NOT CARRY OUT PERIODIC REVIEW OF SECURITY PRACTICES/CONTROL PROCESSES DEPLOYED BY LSPS TO SECURE CONFIDENTIALITY/SECURITY OF CUSTOMER DATA DID NOT PROVIDE COPY OF LOAN AGREEMENT AND SANCTION LETTER IN VERNACULAR LANGUAGE TO CUSTOMERS	CANCELLED CERTIFICATE OF REGISTRATION 02-DEC-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.