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The Reserve Bank of India (RBI) on Tuesday, in the 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 six Non-Banking Financial Companies (NBFCs).
The list includes names such as Cartel Finance and Investments Private Limited, Alamgir Motor Finance Limited, Nau-Nidh Finance Limited, Kim Investment Limited, Sambandh Finserve Private Limited, and BTL Holding Company Limited.
On 22 April 2021, the RBI had issued a show-cause notice to Sambandh Finserve prior to cancelling the license.
As such, 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.