RBI cancels registration of 7 NBFCs

The decision has been taken in accordance with the powers conferred on it, the central bank said in a notification.

The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking financial companies (NBFCs).

The decision has been taken in accordance with the powers conferred on it, the central bank said in a notification.

Following the cancellation of registration certificate, these NBFCs cannot transact the business of a non-banking financial institution, the RBI said.

Of the seven cancellations, four NBFCs have their offices in Kolkata, while the balance three NBFCs are registered in New Delhi, including Religare Finance Limited.

Other two Delhi-based firms are Artisans Micro Finance Private Limited and RCS Parivar Finance Limited.

The Kolkata-based NBFCs are Nott Investments (P) Ltd, Eden Trade & Commerce Pvt Ltd, Swetasree Finance (P) Ltd and Dewra Stocks & Securities (P) Ltd.