Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
The dominant issue was whether the service agreements between regulated lenders and fintech service providers constituted proceeds of scheduled offences and unlawful outsourcing of core banking functions. The tribunal found that the co-lending structure, disguised as "performance guarantees" and revenue-sharing (service fees/minimum commitments), yielded guaranteed returns to lenders without capital deployment, and effectively outsourced core lending activities (loan sanctioning, KYC compliance and borrower management) in breach of RBI master directions; misuse of borrower data facilitated offences under IPC and IT Act. Consequence: contractual arrangements were treated as tainted and the appeal was dismissed. - AT
The dominant issue was whether the service agreements between regulated lenders and fintech service providers constituted proceeds of scheduled offences and unlawful outsourcing of core banking functions. The tribunal found that the co-lending structure, disguised as "performance guarantees" and revenue-sharing (service fees/minimum commitments), yielded guaranteed returns to lenders without capital deployment, and effectively outsourced core lending activities (loan sanctioning, KYC compliance and borrower management) in breach of RBI master directions; misuse of borrower data facilitated offences under IPC and IT Act. Consequence: contractual arrangements were treated as tainted and the appeal was dismissed. - AT
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