RBI cancels Certificate of Registration of 59 NBFCs

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration (CoR) of 59 companies under Section 45-IA(6) of the RBI Act, 1934. The release names each company and states the date of cancellation order for each. With the CoR cancelled, the companies are prohibited from transacting the business of a Non-Banking Financial Institution under the RBI Act.