RBI cancels certificate of registration of four NBFCs

RBI cancels NBFC certificate: Reserve Bank of India (RBI) has announced cancellation of Certificate of Registration of four Non-Banking Financial Companies (NBFCs). This action comes under Section 45-IA (6) of Reserve Bank of India Act, 1934, signifying regulatory measures undertaken by central bank. RBI has cancelled certificate of registration of Kundles Motor Finance Private Limited in Bareilly, Uttar Presh, company's CoR was issued on June 9, 2016. cancellation order was issued on March 12, 2024.

In dition, RBI also cancelled certificate of registration with Nithya Finance Limited in Coimbatore, Tamil Nu, company received its CoR on October 14, 2003. Apart from Nithya Finance, apex bank also called offBhatia Hire Purchase Pvt Ltd: With its office in Bathinda, Punjab, company's CoR dates back to June 28, 2000. cancellation order was issued by RBI on March 19, 2024.

Similarly, bank cancelled certificate of registration ofJiwanjyoti Deposits and vances Limited in Hamirpur, Himachal Presh, company obtained its CoR on August 29, 2018. 

This move highlights RBI's commitment to regulatory compliance and ensuring integrity of financial system. cancellation of Certificate of Registration implies that se NBFCs are no longer authorised to engage in regulated financial activities under purview of RBI.