Published on 7/08/2018 12:09:34 PM | Source: Dion Global Solutions Ltd

RBI cancels certificate of registration of 28 NBFCs

Posted in Economy News| #RBI #Economy #Banking Sector #NBFC

Reserve Bank of India on Monday said that it has canceled the Certificate of Registration of twenty eight non-banking financial corporations (NBFCs) in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. “The companies include, Steel City Automotives Products Private Limited, Hindustan Products Limited, Navin Motors Limited, Fortune Enterprises Private Limited and twenty four others,” the central bank notified. 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, it added.