The Reserve Bank of India (RBI) has cancelled the certificate of registration of P C Financial Services, which is primarily engaged in mobile app-based lending operations through an app 'Cashbean'.

The RBI took the action on account of supervisory concerns. With the cancellation, the New Delhi-based P C Financial Services will not be able to transact the business of a non-banking financial institution (NBFI).

“The certificate of registration of the company has been cancelled on account of supervisory concerns such as gross violations of RBI directions on outsourcing and Know Your Customer norms," the central bank said in a statement.

The company was also found to be "charging usurious rate of interest" and other charges to its borrowers in an opaque manner apart from indulging in unauthorised use of logos of the RBI and the Central Bureau of Investigation for recovery from the borrowers in gross violation of the Fair Practices Code, the central bank added.