Five NBFCs surrender certificate of registration to RBI

Reserve Bank of India

The Reserve Bank of India (RBI) on January 11 said five non-banking finance companies (NBFC) have surrendered their certificate of registration.

These NBFCs are Radical Fincap Pvt Ltd, Volkswagen Finance Pvt Ltd, Sterling Guaranty & Finance Ltd, Esteem Credits and Investments Pvt Ltd, and Sampada Business Solutions Ltd, according to a press release from the central bank.

Sampada Business Solutions submitted the certificate of registration due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that does not require registration.

The other NBFCs have surrendered due to exit from Non-Banking Financial Institution (NBFI) business, the release added.

On October 12, the RBI had said 14 NBFCs have surrendered their certificate of registration. These NBFCs include Shivam Hire Purchase & Finvest, Sun Finlease (Gujarat), Chitrakoot Motor Finance and Alkan Fiscal Services among others.

Of the total 14 NBFCS, 10 NBFCs have surrendered their licence due to exit from the non-banking financial institution (NBFI) business.