21st Dec ’21: PC Financial Service Pvt Ltd, the owning company of CashBean APP, is an RBI regulated NBFC, we had been operating successfully since 2019 well within the ambit of all laws and regulations, we would like to unclutter some of the news on the recent developments.
While respecting the Seizure Order 03/2021 issued by the Enforcement Directorate, Hyderabad, under FEMA 1999 on 15th Dec 2021, we would underscore that the matter is only under investigation and we are unambiguously cooperating with the esteemed agency. All of our transactions have been approved by the board with regular reporting of the same to all the respective authorities as and when required. Our business operations to have been regularly audited by the respected regulator and independent auditors alike at regular intervals, we believed the above-mentioned seizure order is one unilateral decision with less consideration on the company’s actual business requirement and factual merits.
It should be underscored that we are still awaiting an office show-cause notice from the ED on the matter which will then allow us a chance to clarify the truth of our business to the revered officers; This, we believe, will go a long way in allaying the misunderstandings that have led to this extreme action. We have requested the authority for an audience with the appropriate functionary and are hopeful of a positive response on the same. We would further like to reinstate our commitment towards the compliance of due process of the law.
Our long-term pledge to our customer base remains steadfast, it is the reason that CashBean had been the most dependable and admired digital lender in the market. We understand that due to a halt in our operation there has been disruption with regards to loan processing and repayment, hereby we sincerely apologize for the same to our customers and assure resolution soon. This transitory phase of business pause is only a function of the current ongoing investigation and we are on the job to be able to serve you again. Finally, the current scrutiny, we believe, will allow PC Financial to emerge as a stronger and even more complaint participant in our financial system under the respected regulator and authorities.
