RBI cancels Certificate of Registration of 32 NBFCs

Case Brief

In a Section 45-IA(6) action under the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 32 companies. The release names each company and gives the corresponding registered office and cancellation date. As a result, these entities are barred from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.