Nine NBFCs and One HFC surrender their Certificate of Registration to RBI

Case Brief

The Reserve Bank of India announced cancellation of the Certificate of Registration for nine NBFCs that had surrendered their CoR. The release says the cancellations were made under Section 45-IA(6) of the RBI Act, 1934, with stated reasons including exit from the non-banking financial institution business and, in some cases, the entity ceasing to be a legal entity after amalgamation, merger, dissolution, or voluntary strike-off. The release also states that Reliance Home Finance Limited, a housing finance company, surrendered its CoR granted by the National Housing Bank and RBI therefore cancelled it under Section 29A of the National Housing Bank Act, 1987.