In a major regulatory move, the Reserve Bank of India (RBI) has cancelled the Certificates of Registration (COR) of six non-banking financial companies (NBFCs) for non-compliance with regulatory norms. The affected companies include Adhikaar Microfinance Pvt. Ltd. from Bhubaneswar, Odisha, and five others based in Kolkata, West Bengal. This action, taken under Section 45IA(6) of the RBI Act, 1934, bars these firms from operating as NBFCs with immediate effect. A notification regarding the cancellations was released by the RBI on June 12.

Among the West Bengal-based companies whose licenses were revoked are Vofin Leasing and Finance Pvt. Ltd. from Bowbazar, along with Outram Properties Pvt. Ltd., SCM Holdings Pvt. Ltd., Kalash Vyapar Pvt. Ltd., and Everest Vinimay Pvt. Ltd. These firms were earlier granted CORs between 2008 and 2013, but reportedly failed to meet required compliance standards. The RBI’s move underscores its ongoing efforts to strengthen governance in the NBFC sector, which plays a vital role in extending credit and financial services beyond the traditional banking system.

In addition to the cancellations, four NBFCs voluntarily surrendered their registration certificates. Mumbai-based Benco Finance and Investment Pvt. Ltd. and Pamnani Capita Pvt. Ltd. exited the NBFC business entirely, leading to the surrender of their licenses. Parry Investments Ltd. from Tamil Nadu and Synergy Synthetics Pvt. Ltd. from Maharashtra also handed in their CORs, citing reasons such as mergers, dissolutions, or business closures. The RBI accepted these requests and officially revoked their licenses. These actions reflect the central bank’s increased scrutiny of the NBFC sector and reinforce the importance of regulatory compliance for continued operation.