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:
- GE Strategic Investments India (GESII)
- Profound Exports Private Limited
- Two Brothers Holding Limited
- Swank Services Private Limited
- Praxis Consulting and Information Services Private Limited
- 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.