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RBI cancels Certificate of Registration of four NBFCs

RBI cancels Certificate of Registration of four NBFCs

RBI cancels Certificate of Registration of four NBFCs
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By Jomy Jos Pullokaran  Oct 12, 2022 5:15:31 PM IST (Published)

The NBFCs whose Certificate of Registration has been cancelled are S.R.M. Properties And Finance Company Pvt Ltd, North East Region Finservices Ltd, Sowjenvee Finance Ltd and Opel Finance Ltd.

The Reserve Bank of India (RBI) on Wednesday said it has cancelled the Certificate of Registration of four non-banking financial companies (NBFCs).

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The NBFCs whose Certificate of Registration (CoR) has been cancelled include S.R.M. Properties And Finance Company Pvt Ltd, North East Region Finservices Ltd, Sowjenvee Finance Ltd and Opel Finance Ltd.
"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 companies," the RBI said in a statement.
The RBI issued the cancellation order for S.R.M. Properties And Finance Company Pvt Ltd on September 1, 2022, for North East Region Finservices Ltd on September 9, 2022, for Sowjenvee Finance Ltd on September 23, 2022, and for Opel Finance Ltd on September 28, 2022.
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.
Also, four other NBFCs surrendered the CoR granted to them by the RBI — Ashwini Investment Private Ltd, RM Securities Pvt Ltd, Amity Finance Private Ltd and Matrix Merchandise Ltd.
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