A major action by the Reserve Bank of India (RBI) has come to light. Due to various reasons, the license i.e. Certificate of Registration (CoR) of 192 non-banking finance companies has been cancelled. RBI has given this information on its official website. But given through press release.
RBI has taken this step under Section 45-IA (6) of the Reserve Bank of India Act 1934. After the cancellation of COR, these companies will no longer be allowed to do business as non-banking financial institutions. The NBFCs included in this list are located in West Bengal, Chandigarh, Assam, Tamil Nadu, Maharashtra, Uttar Pradesh, Jharkhand, Madhya Pradesh and Gujarat.
The licenses of Novus Commercial Private Limited and Nippon Services and Holdings Private Limited, based in Katni, Madhya Pradesh, have been cancelled. The COR of Metro India Limited located in East Delhi, Solar Mercantile Private Limited located in Punjabi Bagh North East Delhi and Claytone Commercial Co-operative Limited located in South Delhi has also been cancelled. The licenses of Saket Mercantile Private Limited based in Kanpur, Uttar Pradesh and NKJ Securities and Finance Limited based in Patna, Bihar have also been cancelled.
License of these NBFCs cancelled, see list here
6 NBFCs have surrendered their COR to RBI after going out of non-banking financial institution business. In this list, Sahu Jain Limited of South Delhi, Mars Viniyoga Private Limited of Bangalore, Cyrus Engineering Private Limited of Mumbai, Sarthak Trade Private Limited of Kolkata, Combine Holding Limited of South Delhi and Siddhivinayak Tracon Private Limited of Kolkata have surrendered. Shell Business Private Limited Kolkata West Bengal has surrendered its COR after meeting the norms of Unauthorized Core Investment Company. There are 11 such companies which have surrendered their licenses due to merger/merger/closure/voluntary strike.
See full list here
