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RBI cancels certificate of registration of three NBFCs; six other firms surrender licences

NBFCs are companies which raise money from banks or the market and lend to their borrowers at a higher rate.

January 07, 2021 / 06:17 PM IST
While the CoS was functioning in a limited way in virtual mode since May 2020, it is now being fully operationalised.

While the CoS was functioning in a limited way in virtual mode since May 2020, it is now being fully operationalised.

The Reserve Bank of India (RBI) on January 7 cancelled the certificate of registration of three non-banking finance companies (NBFCs). These are Uttar Pradesh-based Abhinav Hire Purchase Limited, Gurgaon-based Jupiter Management Services Private Limited and Assam-based N.E Leasing and Finance Pvt Ltd.

“As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934,” the RBI said.

Six other NBFCS surrendered their certificate of registration, the RBI said. These include Raghukul Trading Private Limited, Divya Tie-Up Private Limited, Girnar Investment Limited, Choice International Limited, Devyani Infrastructure and Credits Private Limited and J.K. Builders and Property Developers Limited.

These NBFCs have surrendered the certificate of registration granted to them by the RBI and the regulator has cancelled their certificate of registration, the RBI said.

NBFCs are companies which raise money from banks or the market and lend to their borrowers at a higher rate.
Moneycontrol News
Tags: #NBFCs
first published: Jan 7, 2021 06:17 pm

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