Reserve Bank of India Cancels Certificates of Registration for Nine NBFCs

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On Tuesday, the Reserve Bank of India (RBI) announced that it has taken action regarding the Certificates of Registration (CoRs) of nine Non-Banking Financial Companies (NBFCs). The RBI has the authority to cancel CoRs under Section 45-IA (6) of the Reserve Bank of India Act, 1934. The cancellations were made based on specific reasons for surrender provided by the companies.

Reasons for Cancellation:

  • Exit from NBFI Business: Five companies, namely Vigfin Holdings Private Limited, Strip Commodeal Pvt Ltd, Allium Finance Private Limited, Eternite Finvest Private Limited, and Fino Finance Private Limited, have exited the Non-Banking Financial Institution (NBFI) business.
  • Unregistered Core Investment Companies (CIC): Three companies, Allegro Holdings Private Limited, Temple Trees Impex and Investment Private Limited, and Hem Financial Services Private Limited, have met the criteria prescribed for unregistered Core Investment Companies (CIC) that do not require registration.
  • Ceased Legal Entity: Ujjivan Financial Services Limited has ceased to be a legal entity due to reasons such as amalgamation, merger, dissolution, or voluntary strike-off.

The RBI’s actions were in accordance with its powers under the Reserve Bank of India Act, 1934, and were categorized based on the specific reasons for surrender provided by the NBFCs.

The Reserve Bank of India (RBI) exercised its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934 to officially cancel the CoRs of the nine NBFCs.

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This action by the RBI reflects its regulatory oversight and the exercise of its authority to ensure the stability and compliance of the financial sector.

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