RBI says 5 NBFCs surrender their Certificate of Registration

The Reserve Bank of India (RBI) said 5 NBFCs, including Radical Fincap and Volkswagen Finance Private Limited have surrendered their Certificate of Registration. The central bank has cancelled their Certificate of Registration (CoR) as they have surrendered the same.

RBI stated that with the cancellation of the CoRs, these 5 organisations will be unable to do Non-Banking Financial Company (NBFC) activities. RBI notified this via issuing a press release.

The Press Release read as follows:

The following 5 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

i) Due to exit from Non-Banking Financial Institution (NBFI) business:

ii) Due to meeting the criteria prescribed for an unregistered Core Investment Company (CIC) that does not require registration: