RBI cancels registration of 4 NBFCs

Reserve Bank of India (RBI) had cancelled the certificate of registration of 4 non-banking financial companies (NBFCs).

• The 4 NBFCs whose registration is cancelled are as follow Goyal Commercial Pvt Ltd Kolkata, First Debt Management Co. of India Ltd Nostalgia Finvest Private Limited and Narad Realtors Private Limited belongs to Mumbai.
• Now these four NBFCs cannot perform the business of a non-banking financial institution.
• The decision for the cancellation of registration certificate comes under Section 45-IA (6) of the RBI Act 1934.