RBI cancels Certificate of Registration of 4 NBFCs

The Reserve Bank of India(RBI) has notified the cancellation of Registration Certificate of 4 NBFCs. RBI notified this via issuing Press release.

In issued Press release, RBI stated, “In exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the 4 Non-Banking Financial Companies.”

These NBFCs are Nanma Chits and Financiers Limited, Chidrupi Financial Services Limited, Goldline Financial Services Ltd., Kailash Auto Finance Limited. These banks belongs from the state of Kerala, Telangana and Uttar Pradesh.

As such, the above company 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.