RBI cancels registration of 35 NBFCs for regulatory non-compliance

New Delhi:  The Reserve Bank of India has cancelled the certificates of registration of 35 Non-Banking Financial Companies (NBFCs) for non-compliance with the regulatory requirements.

The central bank in a statement has stated that these companies are no longer permitted to carry out the business of non-banking financial institutions. RBI has advised the public to verify the regulatory status of financial entities before undertaking any financial transactions.

Further, other 16 non-banking financial companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI).

The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.