RBI restricts NBFI in Gujarat from accepting public deposits
MDT/PTI 13 September 2012

The central bank has cancelled registration certificate of Vishal Finlease for violating RBI guidelines

Ahmedabad: Reserve Bank of India (RBI) has restricted Gandhinagar based non-banking financial institution-Vishal Finlease Pvt Ltd- from accepting public deposits, for violation of guidelines, reports PTI.


"The company-Vishal Finlease Pvt Ltd- has been stopped from accepting public deposits for violating RBI guidelines. Its certificate of registration has been cancelled," a RBI official, in department of non-banking supervision said.


"The certificate was cancelled after company took over another firm in violation of RBI guidelines," he said preferring anonymity.


An advertisement released by the department of non-Banking supervision of regional RBI states "the company cannot transact the business of non-banking financial institution (NBFI) as defined in clause (a) of Section 45-I of the Act."

Free Helpline
Legal Credit