🚨 Shine Loan & Curry Cash BANNED: RBI Cancels NY Leasing’s License Over Shady Lending — Another Fintech Falls

🧨 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.

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