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."
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