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Wednesday, October 4, 2023

RBI Cancels Registration of Four NBFCs, 11 Surrender Certificates in Recent Move

In a recent development, the Reserve Bank of India (RBI) has cancelled the registration of four non-banking finance companies (NBFCs) and witnessed the surrender of licenses by 11 other entities. This decision highlights the RBI’s commitment to maintaining a robust and compliant financial system.

The cancellation of NBFC licenses includes Nanma Chits and Financiers Ltd, Chidrupi Financial Services Ltd, Goldline Financial Services Ltd, and Kailash Auto Finance Ltd. These companies will no longer operate as registered NBFCs.

The Reserve Bank of India reported that 11 entities voluntarily surrendered their NBFC licenses. Among them are Sanapala Holdings Pvt Ltd, De Lage Landen Financial Services Pvt Ltd, and Jamshedpur Securities. Each entity had its unique reasons for surrendering their licenses.

Some entities chose to exit the NBFC business voluntarily, while others surrendered their licenses due to non-compliance with the criteria set for unregistered Core Investment Companies (CIC). The remaining entities surrendered their licenses due to changes in their legal entity status, such as amalgamation, merger, dissolution, or voluntary strike-off.

The RBI’s actions demonstrate its commitment to maintaining regulatory compliance and ensuring the stability of the financial sector. By cancelling registrations and witnessing license surrenders, the RBI aims to uphold the integrity and credibility of the NBFC sector.

For more such news stay tuned to FELA News!

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