RBI: 15 NBFCs including TATA Finance surrender their License

The Reserve Bank of India (RBI) on Friday, May 10, 2024 announced 15 NBFCs, including Tata Finance Services and Revolving Investment, have surrendered their certificates of registration (CoR) due to various reasons

The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of Reserve Bank of India Act, 1934, therefore cancelled their certificates of registration (Cor)

RBI also said, nine NBFCs have ceased to exist as legal entities due to actions like amalgamation, merger, dissolution, and voluntary strike-off.

These are Tata Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.

The RBI also noted that six NBFCs gave back their licenses after stopping their work in the non-banking financial Institution (NBFI) sector business.

These were Vian Growth Capital, Drap Leasing and Finance, Jewel Strips, Revolving Investments, Anshu Leasing, and A V B Finance.

The certificates of registration were granted to them by the RBI.