RBI Cancels Four NBFC Registrations, 13 Companies Voluntarily Surrender Licenses – Pune Pulse

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The Reserve Bank of India (RBI) has recently revoked the registration certificates of four non-banking financial companies (NBFCs) as part of its regulatory oversight. The RBI’s action, announced on Friday, is aimed at maintaining the stability and adherence to regulations within the financial sector.
The four companies whose registrations were cancelled are Bharatpur Investment Ltd from Rajasthan, KS Finlease Limited based in Madhya Pradesh, Build Con Finance Limited from Tamil Nadu, and Operating Lease and Hire Purchase Company Limited, also registered in Tamil Nadu. The RBI stated that these firms will no longer be permitted to conduct business as NBFCs under the Reserve Bank of India Act, 1934.
In addition, the RBI has accepted the surrender of registration from 13 other NBFCs. Among these, Tamil Nadu-based Suguna Fincorp and Spam Merchants from West Bengal exited the NBFC sector. Other firms, such as Maham Holdings Private Limited and Padmalakshmi Holdings, did not meet the criteria for Core Investment Companies (CICs) that do not need registration, leading to their certificates being cancelled.
The remaining companies that surrendered their certificates include Umang Commercial Co Private Limited and Madura Micro Finance Limited from West Bengal, as well as several others from Maharashtra and Tamil Nadu. These entities ceased operations due to reasons such as amalgamation, merger, dissolution, or voluntary strike-off, as detailed by the RBI.
This regulatory action reflects the RBI’s commitment to ensuring that financial institutions comply with required standards and contribute to a stable financial environment.

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