RBI Action: RBI canceled the license of 6 finance companies, know the reason

RBI has cancelled the COR of 6 NBFCs. 4 companies have surrendered their licenses themselves. Now they will not be allowed to work as NBFCs. Let us know why the central bank took this step?

Bank license canceled: Reserve Bank of India not only regulates all the banks across the country but also regulates non-banking financial companies. Whenever a company does not comply with the rules properly, action (RBI Action) is taken against them. On June 12, another action of RBI has come to light. The certificate of registration i.e. license of 6 NBFCs located in West Bengal and Odisha has been canceled. The central government has also issued a notification in this regard.

After this action of RBI, companies will not be allowed to do business as non-banking financial institutions. This step has been taken under section 45IA (6) of RBI Act 1934. The order to cancel the CEOR of Adhikaar Microfinance Private Limited located in Bhubaneswar, Odisha was issued on May 22, the company had provided the certificate on October 22, 2013.

COR of these companies of West Bengal cancelled

RBI has issued an order on 16 May 2025 to cancel the COR of five company NBFCs in Kolkata. This list also includes Bowbazar’s Vofin Leasing and Finance Limit Private Limited, which was granted COR on 23 May 2008. Apart from this, the Certificate of Registration of Outram Properties Private Limited, SCM Holding Private Limited, Kalash Vyapar Private Limited and Everest Vinimay Private Limited has also been cancelled.

These NBFCs surrendered their licenses

Four NBFCs have surrendered their COR to RBI for different reasons. Benco Finance and Investment Private Limited and Pamnani Capita Private Limited, located in Mumbai, Maharashtra have surrendered their Certificate of Registration due to exit from NBFI business. The order to cancel it was issued by RBI on May 22. Parry Investments Limited, located in Tamil Nadu and Synergy Synthetics Private Limited of Maharashtra have surrendered their COR due to reasons like amalgamation or merger, dissolution or survey strike etc.

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