🧨 At a Glance

• RBI has officially cancelled the NBFC license of M/s N.Y. Leasing Pvt Ltd, operating via:
  • 🔹 Shine Loan App
  • 🔹 Curry Cash App
• Reason? They violated RBI’s digital lending norms by:
  • Outsourcing KYC, loan disbursal, recovery & sourcing
  • Letting third-party app handlers do core lending decisions
• Registered since 1998 — now blacklisted permanently

“You were supposed to disburse loans, not **disburse all your power to shady app handlers.” — RBI, probably.

🏚️ Company Details

🚩 What Did They Do Wrong?

As per RBI:

“The company outsourced all core lending operations to third-party fintech — including customer acquisition, KYC, disbursement, collection, and recovery.”

Let’s simplify:

• They gave third parties full access to your personal data
• Those parties probably never followed KYC rules properly
• Recovery calls may have sounded more like threats than reminders

This violates RBI’s Fair Lending Code and Digital Lending Guidelines 2022.

⚖️ The Legal Angle: RBI’s Powers

Under Section 45-IA (6) of the RBI Act, 1934, the RBI has powers to:

• Cancel NBFCs’ Certificate of Registration (CoR)
• If they act against public interest or violate guidelines
• Or if they conduct lending through unauthorized apps or agents

In this case, NY Leasing turned into a fintech puppet — and got axed.

🤳 What Are Shine Loan & Curry Cash?

Apps marketed as:

• “Instant loans within 5 minutes”
• “No paperwork required”
• “Credit score not needed”

But here’s the real deal:

• High-interest rates hidden behind T&Cs
• Shady permissions (contacts, camera, storage access)
• Recovery agents behaving like goons from a gangster movie

This is classic loan sharking masked as fintech innovation.

🔍 EduInvesting Red Flags from Day 1

This wasn’t innovation. This was digital loan extortion in startup clothes.

😡 What Happens to Borrowers?

• Your loan agreements may now be void, especially if disbursed via these banned apps
• You can report harassment or illegal collection practices to:
  • RBI’s Sachet Portal
  • Local police if threats involved
• If your credit report is impacted, lodge disputes via CIBIL, Experian portals

📣 RBI’s Recent Crackdown Trend

This isn’t isolated.

RBI has recently:

• 🔥 Banned over 200+ loan apps linked to Chinese servers
• ⚰️ Cancelled CoRs of multiple NBFCs with fake lending fronts
• 🚨 Warned the public about apps on Play Store that mimic RBI licenses

The message is clear: If you use ghost agents to issue loans, you’re getting ghosted from the NBFC list.

🤡 EduInvesting Take: Fintech or FinFake?

Bardhaman Fintech and NY Leasing turned into:

“The OnlyFans of lending — you click accept and end up financially naked.”

Instead of empowering small borrowers:

• They dug debt traps
• Used fear and shame for recovery
• And outsourced responsibility like it’s a group project in college

RBI just graded them F and cancelled their degree.

👮‍♀️ What You Should Do as a Consumer

✅ DOs

• Verify apps on RBI’s whitelisted digital lending apps
• Only borrow from apps linked to banks or regulated NBFCs
• Use official RBI portals to report harassment

❌ DON’Ts

• Don’t give contact access to any random loan app
• Don’t trust apps that say “no CIBIL, no KYC” — they’re probably fake
• Don’t repay loans under fear if the lender isn’t RBI-approved

🎯 Final Thought

“Digital India was supposed to give us faster loans. Not faster heart attacks.”

With this cancellation, RBI just reminded the ecosystem:

You can’t run a lending business like a Telegram scam group.

Shine Loan and Curry Cash may have shined bright for a bit —
but they’ve burnt out in the regulatory stratosphere.

Tags: Shine Loan App banned, RBI cancels NBFC license, Curry Cash fraud, NY Leasing CoR revoked, RBI digital lending crackdown, SEBI & RBI fintech crackdown, EduInvesting fintech fraud explainer, fake loan app shutdown, Bardhaman Fintech exposed, NBFC scams India