Registration certificates of six NBFCs cancelled by RBI

The Reserve Bank of India (RBI) has cancelled the certificate of registration of six Non-Banking Financial Companies (NBFCs) based in Delhi. Now, these companies would not be able to do business as non-banking financial institution.

These companies are:

  1. GE Strategic Investments India (GESII)
  2. Profound Exports Private Limited
  3. Two Brothers Holding Limited
  4. Swank Services Private Limited
  5. Praxis Consulting and Information Services Private Limited
  6. Credible Microfinance Ltd.

However, RBI has not disclosed the reason for the cancellation of registration of these firms.

RBI has the power to cancel the registration certificate of a NBFC under Section 45-IA(6) of the Reserve Bank of India Act, 1934. 

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Categories: Banking Current Affairs 2017

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