The NBFC company 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
FinTech BizNews Service
Mumbai, December 13, 2023: The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.
The license of District Hamirpur, Himachal Pradesh based Jaryal Motor Finance Company has been cancelled by the RBI, with Cancellation Order Date being November 10, 2023. As such, the above company 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.
Meanwhile, The following 15 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.
i) Due to exit from Non-Banking Financial Institution (NBFI) business:
Labheshwari Ispat, Ballabh Commercial , Mangalam Financial Services (India), Sandhills Holdings Limited (Formerly Sand Hills Finance & Investments Explorers, Hollysea Finvest, Manu Credit India, Sun Aero, VMA Finance, Lunkar Finance.
ii) Due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that does not require registration:
Foresight Finance
iii) Due to NBFC ceasing to be a legal entity after amalgamation/ merger/dissolution/ voluntary strike-off, etc.:
Navarathna Financial Services, DVK Investments, DSPL Investments, Dalmia Investmart and Sweta Financial Services.
