It was informed by the RBI that the registration of Pune-based Kudos Finance and Investments Limited (Kudos Finance and Investments Pvt Ltd) and Mumbai-based Credit Gate Pvt Ltd. has been cancelled. Both NBFCs were involved in regulatory lapses in lending.

The registration certificate was canceled

The statement issued by the Reserve Bank (RBI) said that after the cancellation of the Certificate of Registration (CoR), both NBFCs (NBFCs) cannot do business of Non-Banking Financial Institutions (NBFIs). The central bank said, ‘… the registration certificate of NBFC has been cancelled. The registration has been canceled due to violation of RBI guidelines on outsourcing and fair dealing activities in the work of digital loan operations through third party apps.

Had done undue harassment to the customers

According to RBI both the above mentioned NBFCs were also not following the extant rules regarding charging more interest. Along with this, undue harassment was done to the customers regarding loan recovery. In early February, the RBI imposed a fine of Rs 42.48 lakh on Krazybee Services Pvt Ltd. The matter of harassing the customers at the time of loan collection by Crazybee’s recovery agent came to the fore.

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These rates have come into effect from yesterday Tuesday. Now senior citizens will get 7.85% interest. At the same time, the common people will get a maximum interest of 7.60 per cent on FD. However, senior citizens are getting the highest interest on FDs of 44 months.

He is getting 7.95 per cent interest on it. Common people are getting 7.70 per cent interest on 44-month FD. 6.80% interest will be given on FDs of 12 to 23 months, while 6.95% interest will be given to the common people on special FDs of 15 months.

These will be the new rates

Senior citizens will get 7.05% interest on FDs of 12-23 months, while senior citizens will get 7.20% interest on special FDs of 15 months. The company is also offering you an offer to open FDs of 12 to 60 months. Sachin Sikka, Executive Vice President, Fixed Deposit & Investment, Bajaj Finance said, “Earlier we used to revise rates once in 6 months, but this year we have revised early.

This increase has been done due to increase in repo rate by RBI. Right now 39 months FD has been increased by 25 basis points i.e. 0.25 percent.

Common people are getting this much interest on FD

Bajaj Finance is giving this much interest on FD to senior citizens

Fixed Deposit Interest Rate: Bajaj Finance is giving this much interest to senior citizens.

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