10 non-banking finance companies surrender their licences to RBI

As many as 93 NBFCs have surrendered their licences to the central bank until July 2023.

The Reserve Bank of India (RBI) on August 10 said 10 non-banking finance companies (NBFC) have surrendered their licences.

The NBFCs include Latent Light Finance, Bharat Nidhi, Capitaltrust Microfinance, Saraogi Investments and Digvijay Capital Management.

Out of 10, eight have surrendered their licences due to exit from Non-Banking Financial Institution (NBFI) business and the remaining as they ceased to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off.

The two entities that have ended their business are Hariom Holdfin Private Ltd and Capitaltrust Microfinance Pvt Ltd.

On July 5, Moneycontrol reported that the number of non-banking finance companies (NBFC) surrendering their licences to the Reserve Bank of India (RBI) has risen to a four-year high.

According to data from the RBI website compiled by Moneycontrol, 93 NBFCs have surrendered their licences to the central bank until July 2023.