Reserve Bank of India cancels Certificate of Registration of 17 NBFCs

File image of the Reserve Bank of India building in Mumbai (Image Source: Shutterstock)

The Reserve Bank of India on March 10, 2023, said it has cancelled the Certificate of Registration (CoR) of 17 Non-Banking Financial Companies (NBFCs).

"17 Non-Banking Financial Companies have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI)," the central bank said.

India's central bank further noted that in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, it has therefore cancelled the NBFCs' CoR.

Some of the NBFCs whose CoR got cancelled include Dhanbad Properties Private Limited, Soorya Vanijya & Investment Ltd., Jainex India Limited., Jayam Vyapaar Pvt Ltd, and JM Holdings Pvt Ltd, among others.

Last year, three NBFCs on December 13 surrendered their certificate of registration to the RBI.

Smart Value Equisearch has exited from the non-banking financial institution (NBFI) business, whereas New Holding and Trading Company and Mansa Dealer have surrendered licences as these entities ceased to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.