RBI cancels certificates of 4 NBFCs, 20 surrender their registration

Mumbai, Apr 19 (KNN) Reserve Bank of India (RBI) has cancelled the certificates of as many as 4 Non-Banking Finance Certificates (NBFCs) while 20 of them have surrendered their Certificate of Registration.

RBI said that these companies cannot transact the business of Non-Banking Financial Institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

The 4 NBFCs whose Certificate of Registration have been cancelled are – Mumbai based Mumbai Discount Finance Private Limited; Sambalpur (Odisha) based Sanjay Villa Pvt. Ltd. (Presently M/s BISWA Microfinance Pvt. Ltd.); New Delhi based Multani Motor Finance Limited; and Gandhipuram, Coimbatore based Jain Sons Marketing and Investment Limited.

The 20 NBFCs which have surrendered the Certificate of Registration are - Akansha Consultancy Services Limited; Escorts Automotives Private Limited; Goldmine Shares & Finance Private Limited; Remedy Finance Private Limited; Akshay Mercantile Private Limited; Profitline Securities Private Limited; Shantiniketan Financial Services Private Limited; Topsia Estates Private Limited; Sampurn Impex Private Limited; Gujarat Lease Financing Limited; Jagajyoti Finance Limited; Akshay Stocks & Credits Limited; Hotel Ambassador Buildings Private Limited;  TPW Engineering Private Limited (Presently TPW Engineering Limited); Rabo India Finance Limited; Abirami Hire-Purchase Finance Private Limited, Madurai; A.T.F. Aishwarya Finance Limited; Nyle India Investments Private Limited; Chik India Investments Private Limited; and Kranes India Investments Private Limited.

Meanwhile, Kotak Mahindra Bank has recently received certificate of registration from RBI for commencing business of its subsidiary Kotak Infrastructure Debt Fund as a non-banking financial institution infrastructure debt fund (NBFC-IDF). (KNN Bureau)