India, April 29 -- The Reserve Bank of India (RBI) has cancelled the non-banking financial company (NBFC) licence of Acemoney (India) over irregularities in lending practices.

". The Reserve Bank has cancelled the Certificate of Registration (CoR) issued to. NBFC Acemoney. Acemoney shall not transact the business of a Non-Banking. Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934," the central bank said in a statement on Monday (April 29).

As per the RBI, the licence was cancelled as the NBFC flouted the central bank's guidelines on managing risks and code of conduct in outsourcing financial services in its digital lending operations undertaken through third-party apps.

The company was also not...