RBI blacklists 5 NBFCs, 7 other surrender Certificates

Mumbai, June 21 (KNN) As many as 12 Non-Banking Financial Companies (NBFCs) have stopped operations after the Reserve Bank of India (RBI) on June 20 cancelled Certificates of Registrations of 5 NBFCs while 7 other submit their certificates to the apex bank.

RBI said these companies cannot transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934

The NBFCs to get blacklisted by RBI are – Kolkata, West Bengal based Lords Steel Industries Limited; Axon Trading and Manufacturing Co. Ltd; Rasoi Finance Limited (presently known as Looklink Finance Limited); Pallawi Trading and Manufacturing Co. Ltd; Surdas Trading and Manufacturing Co. Ltd; Noble Trading Co. Ltd; and Mumbai based Nariman Point Finance Limited.

The NBFCs to surrender Certificates are - Cygnus Publishers Limited; Nortel Tracom Private Limited; Rakshit Motor and General Finance Limited; Deep Motor Finance Limited; and Mansarovar Deposit and Advances Private Limited. (KNN Bureau)