RBI cancels license of New Link Overseas Finance, 19 other NBFCs surrender permits

The Reserve Bank of India (RBI) on May 26 said it has cancelled the license of New Link Overseas Finance Ltd. Further, in a separate release central bank said 19 Non-Banking Financial Companies (NBFC) have surrendered their Certificate of Registration.

The NBFCs, which surrendered their licences include Bhartiya Samruddhi Finance, VIP Finvest Consultancy and Kamdhenu Fincap among others. Out of 19 NBFCs, 13 have surrendered their licence due to exit from this business.

While, the three NBFCs surrendered their licence as they met the criteria prescribed for unregistered Core Investment Companies (CIC) that do not require registration and entities ceasing to be a legal entity due to amalgamation/merger/dissolution/voluntary strike-off, etc, a release issued by the central bank said.