RBI cancels registration of four Non-Banking Finance Companies
The Reserve Bank of India has cancelled the certification of registration certification of four Non-Banking Finance Companies
By: : Anjali Verma
Update: 2023-07-13 13:00 GMT
RBI cancels registration of four Non-Banking Finance Companies surrender certificates for not meeting other criteria The Reserve Bank of India (RBI) has cancelled the certification of registration certification of four Non-Banking Finance Companies (NBFC) - two from Telangana and one each from Kerala and Uttar Pradesh. As defined under the Reserve Bank of India Act, 1934, the...
RBI cancels registration of four Non-Banking Finance Companies
surrender certificates for not meeting other criteria
The Reserve Bank of India (RBI) has cancelled the certification of registration certification of four Non-Banking Finance Companies (NBFC) - two from Telangana and one each from Kerala and Uttar Pradesh.
As defined under the Reserve Bank of India Act, 1934, the entities will no longer transact the business of a shadow bank.
The NBFC’s are – Chidrupi Financial Services Ltd and Goldline Financial Services Ltd (Telangana), Nanma Chits and Financiers Ltd (Kerala), and Kailash Auto Finance Ltd (Uttar Pradesh).
In addition, four NBFCs surrendered their registration certificates following a decision to exit from the non-banking finance business. Three ceased operations after corporate actions including amalgamation, dissolution, merger, or voluntary strike-off. The remaining four surrendered because they do not require registration under the criteria prescribed for an unregistered core investment company (CIC).
According to RBI, those who surrendered their registration certificates due to exit from NBFCs are: Sanapala Holdings Private Limited (Andhra Pradesh), Samrudhi Finance and Investments Private Limited (Telangana), SC Dani Research Foundation Private Limited and De Lage Landen Financial Services Private Limited (Maharashtra).
The three surrendering their registration certificates as they cease to be a legal entity due to amalgamation/merger/dissolution/voluntary strike-off, are: Unistar Resources and Trades Pvt Ltd and Skyline Tracom Private Limited (Kolkata, West Bengal) and Rector Investments Private Limited (Delhi).
The four surrendering their registration certificates for unregistered CIC are: Jamshedpur Securities Limited (Jamshedpur, Jharkhand), Azorius Holdings Private Limited and Serendipity Investments Private Limited, (Chennai, Tamilnadu) and Higain Investments Private Limited (Gurugram, Haryana).