RBI cancels registration of UP-based Margdarshak Financial Services over payment defaults

The Reserve Bank of India (RBI) has cancelled the registration of Margdarshak Financial Services Ltd due to high net NPAs and defaults on repayment. The Lucknow-based NBFC-MFI failed to maintain required funds and capital ratio. Facing cash flow issues and defaults, it raised doubts on its ability to continue. RBI also penalized NDX P2P Pvt Ltd and Innofin Solutions Pvt Ltd for non-compliance with digital lending guidelines.