Mumbai, Mar 14 (KNN) The Reserve Bank of India (RBI) has cancelled the certificate of registration of six non-banking financial companies (NBFCs).

RBI said these companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

The NBFCs whose certificates have been cancelled are – Thane based M/s Numero Uno Finance Ltd; Navi Mumbai based M/s Indo Bonito Multinational Ltd. (Formerly Indo-Castle Multimedia Ltd. / Indo-Castle Finance Ltd.); Mumbai based M/s Epic Energy Limited (Formerly Fiscal Limited) and M/s Birla Shloka Edutech Limited (Formerly Rathi Mercantile Industries Limited); Pune based M/s Sudarshan Rathi Finance Pvt. Ltd; and Rajnandgaon based M/s Rishabh Finsec Private Limited.

Meanwhile, ESAF Small Finance Bank Limited has commenced its operations as a small finance bank with effect from March 10, 2017.

The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

ESAF Microfinance and Investments Private Limited, Chennai was one of the ten applicants which were issued in-principle approval for setting up a small finance bank. (KNN Bureau)