25 NBFCs close down in May alone
New Delhi, May 16 (KNN) As many as seven Non-Banking Financial Companies (NBFCs) have surrendered their certificates to RBI following which they can no longer transact the business of a Non-Banking Financial Institution.
Last week alone 18 NBFCs had closed down with the Reserve Bank of India blacklisting some while some surrendering the certificates of registration themselves to the apex bank.
The NBFCs to close down on Tuesday are - Kolkata, West Bengal based Subhlabh Traders Pvt. Ltd; Jammu based Sawhney Financiers Jammu Limited and Daksum Finance Limited; Lucknow, Uttar Pradesh based U.P. Electronics Corporation Limited; New Delhi based Snam Investments Private Limited; Ahmedabad, Gujarat based Torrent Private Limited; and Mumbai, Maharashtra based Brandon & Company Pvt. Ltd.
These NBFCs have surrendered the Certificate of Registration granted to them by RBI.
RBI said these “companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934”. (KNN Bureau)