Cancelled licenses: RBI shuts down these 21 finance companies, cancels their licenses
The RBI has cancelled the licenses of several non-banking finance companies, prohibiting them from carrying on business. Thirteen NBFCs and one HFC have voluntarily surrendered their CoRs.
Cancelled licenses: The Reserve Bank of India (RBI) regulates not only banks but also non-banking financial companies. The RBI always takes strict measures to protect the interests of its customers. The central bank has once again taken action. The licenses, or certificates of registration, of 21 NBFCs have been cancelled simultaneously. The RBI announced this through a press release on Monday, October 13th.
This action has been taken under Section 45-IA (6) of the RBI Act, 1934. These companies will no longer be permitted to conduct business as non-banking financial institutions. They have been prohibited from accepting deposits, loans, and carrying on other financial activities. All the companies on this list are based in Maharashtra. Furthermore, 13 NBFCs and one HFC have voluntarily surrendered their COR.
License of these companies cancelled
- Anand Private Limited
- Anand Corporate Holding Private Limited
- Athena Financial Services Limited, Pune
- Barter Leasing & Finance Limited
- Dimple Sign Advertising Pvt Ltd
- Dewan Sons Holdings & Consultancy Private Limited
- Elegant Capital Private Limited
- Fax Computer & Finance Services Private Limited
- Panchsar Leasing & Investments Limited
- Monotona Securities Limited
- MortaFinliz & Investments Private Limited
- Ottoman Finlease & Investments Private Limited
- Pal Credit & Capital Limited
- Shrenuj Investment & Finance Private Limited
- Shyamal Holdings & Trading Limited
- Devi Investment Private Limited
- Dhulewa Finance Private Limited
- Shah Financial Services Limited
- Aastha Broadcasting Network Limited
- Uno Industries Limited
- Xrbia Financial Services Pvt Ltd
These companies surrendered their licenses
New Delhi-based Pankaj Services Limited, Balrose Leasing & Investments Private Limited, and Triplerank Marketing Private Limited, along with Karnataka-based RightFi Capital Private Limited, have surrendered their CoRs upon exiting the non-banking financial institution business. Mumbai, Maharashtra-based Bachhraj & Company Private Limited has surrendered its licence upon fulfilling the conditions for a CoR investment company.
Samunnati Agri Value Chain Solutions Private Limited of Tamil Nadu, Manoj Mercantile Credit Private Limited of Kolkata, West Bengal, Srijan Capital Private Limited of Rajasthan, and APAC Housing Finance Private Limited of Mumbai have surrendered their CoRs citing reasons such as merger/dissolution/voluntary strike-off. The list also includes Kolkata-based Padma State Private Limited, Mokha Vyapar Private Limited, and Intellectual Securities Private Limited.
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