Two NBFCs surrender their Certificate of Registration to RBI; Know Details:

Two NBFCs surrender their Certificate of Registration to RBI; Know Details The Reserve Bank of India (RBI) has stated that two Non Banking Financial Companies (NBFCs) surrendered their Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR. RBI said that Equitas Holdings Limited and Mukand Global Finance Limited have surrendered their Certificates of Registration (CoR). According to the RBI, this is owing to NBFCs no longer being a legal entity as a result of amalgamation or merger. Equitas Small Finance Bank and Equitas Holdings announced the reverse merger on March 22, 2022. The RBI authorised parent businesses to combine with minor financing banks after the five-year required holding period expired in July 2021.