RBI cancels certificate of 32 NBFCs

New Delhi, Dec 24 (KNN) The Reserve Bank of India (RBI) has cancelled the certificates of as many as 32 Non-Banking Financial Companies (NBFCs) today.

So far, in the month of December itself, the licenses of 94 NBFCs have been cancelled.

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.”

Of 32 NBFCs, RBI cancelled certificates of 25 companies from West Bengal, 5 companies from New Delhi and 2 companies from Uttar Pradesh.