Mumbai, Feb 13 (KNN) The Reserve Bank of India (RBI) this week cancelled the certificates of registration of as many as 32 Non-Banking Financial Companies (NBFCs).

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 14 companies from West Bengal, 6 companies from Mumbai, 5 from Gujarat, 3 from Delhi and 1 from Rajasthan, Himachal Pradesh, Jharkhand and Nagpur.

The NBFCs are registered under the Companies Act, 1956 and deals in the business of loans and advances, investments in bonds/shares/debentures/stock and other marketable securities. (KNN/YV)