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RBI cancels Certificate of Registration of five NBFCs |
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| 6-5-2014 | |||||||||||||||||||||||||
The Reserve Bank of India has cancelled the certificate of registration of five non-banking financial companies (NBFCs) for carrying on the business of non-banking financial institution. Following cancellation of registration certificate, the companies cannot transact the business of non-banking financial institution. The five companies are:
The Reserve Bank can cancel the registration certificate of a non-banking financial company under the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934,. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934. S. K. Gaonkar Assistant Manager |
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