Four NBFCs across Indian states lose certificates of registration after RBI action

RBI barred the companies from transacting the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

ANIUpdated: Wednesday, October 12, 2022, 04:51 PM IST
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The Reserve Bank of India (RBI) on Wednesday said it has cancelled the 'certificate of registration' of four non-banking financial companies (NBFCs).

The companies whose certificate of registration has been cancelled include Jaipur, Rajasthan-based S.R.M. Properties And Finance Company Pvt. Ltd; Imphal, Manipur-based North East Region Finservices Limited; Bengaluru, Karnataka-based Sowjenvee Finance Limited and Patna, Bihar-based Opel Finance Limited.

The Reserve Bank of India, in exercise of powers conferred on it under Section 45- IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following four companies, the RBI said in a statement.

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934, the central bank said.

S.R.M. Properties And Finance Company Pvt. Ltd was granted the certificate of registration on March 7, 2002. The RBI issued cancellation order dated 1 September 2022 for cancelling the registration of S.R.M. Properties And Finance Company Pvt. Ltd.

North East Region Finservices Limited was granted the certificate of registration on 30 October 2008. The RBI issued cancellation order dated 9 September 2022.

Sowjenvee Finance Limited was granted the certificate of registration on 11 March 1998. The cancellation order was issued on 23 September 2022.

Opel Finance Limited was granted the certificate of registration on 4 February 2002. The RBI issued order for cancellation of its registration dated 28 September 2022.

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