As many as nine non-banking financial companies (NBFCs) and one housing finance companies (HFCs) have surrendered their certificates of registration (CoR) to Reserve Bank of India (RBI) for various reasons, including exit from the business, amalgamation and new regulatory changes that do not require them to hold NBFC registration. Separately, RBI cancelled the registration of three NBFCs, one each from Maharashtra, Delhi and Bihar .Reliance Home Finance Limited an HFC from Maharashtra also surrendered its certificates of registration.
Those whose registration has been cancelled by RBI include Maharashtra-based Cox & Kings Financial Service Limited, Delhi-based PSPR Enterprises Pvt Ltd and Bihar-based Bharathu Investment & Finance India Limited.
RBI has not given any specific reason for the cancellation, its statement merely says, "...in exercise of powers conferred on it under section 45-IA (6) of the RBI Act, 1934, has cancelled the certificate of registration...As such, the above companies shall not transact the business of a non-banking financial institution-NBFI, as defined in clause (a) of Section 45-I of the RBI Act."
The nine NBFC who have surrendered registration certificates include four from West Bengal, two each from Uttar Pradesh and Maharashtra and one from Tamil Nadu.
According to RBI, four NBFCs surrendered their registration certificates following a decision to exit from the non-banking finance business while five NBFCs ceased operations following corporate actions such as amalgamation, dissolution, merger or voluntary strike-off.
Reliance Home Finance Limited an HFC from Maharashtra also surrendered its certificates of registration due to exit from Housing Finance Institution business.
RBI says Cauvery Tradefin Pvt Ltd and Ginni Tradefin Ltd from Uttar Pradesh and Bohra & Co Pvt Ltd from Maharashtra their registration certificate .RBI issued an order for cancellation of their registration on 11 January 2024.
West Bengal-based J G Trading & Investment Pvt Ltd, S. K. Finserve Pvt Ltd and Microfirm Capital Pvt Ltd surrendered its CoR following corporate actions such as amalgamation, dissolution, merger or voluntary strike-off. RBI cancelled their registration on 27 December 2023.
The central bank issued another order for cancelling the registration certificate of Tamil Nadu-based S.M.I.L.E. Microfinance Limited and West Bengal-based JFC Impex Pvt Ltd on 5 January 2024 and 8 January 2024, respectively.
Mahyco Grow Finance Pvt Ltd from Maharashtra have surrendered their registration certificate and RBI has issued an order to cancel their registration on 30 January 2024.
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