RBI cancels as many as 77 NBFCs in the start of year 2019
New Delhi, Jan 11 (KNN) In the start of Year 2019, Reserve Bank of India (RBI) has cancelled the certificates of as many as 77 Non-Banking Financial Companies (NBFCs).
RBI cancelled certificates of registration of total number of 45 NBFCs on January 8, 2019. Out of these 45 NBFCs whose registrations were cancelled, 28 NBFCs were from West Bengal, 4 were from New Delhi, 6 from Gujarat, 2 from Kerala, 1 from Telangana, 2 from Chennai and rest 2 from Uttar Pradesh.
In addition, 32 more registrations of NBFCs have been canceled on January 10, 2019 by RBI. Of these 32 NBFCs, RBI cancelled certificates of 9 companies from West Bengal, 14 companies from Mumbai, 3 companies from Delhi, 2 companies from Haryana and 4 from Pune.
RBI said the 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.