7 NBFCs surrender their Registration Certificate to RBI

These companies will not transact the business of a Non-Banking Financial Institution.

7 NBFCs surrender their Registration Certificate to RBI
Reserve Bank of India/Reuters Image

New Delhi: The seven Non-Banking Financial Companies (NBFCs) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore canceled their CoR.

The following banks are:

1. Pondicherry Industrial Promotion Development and Investment Corporation Ltd.

2. Devaraj Urs Backward Classes Development Corporation Limited    

3. V. Rama Krishna Sons Private Limited    

4. Lucky Mercantile Private Limited    

5. Magnum Credit & Consultants Pvt. Ltd.    

6. Optacredit Fintech Private Limited    

7. Shreyas Holdings Pvt. Ltd.

However, these companies will not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934, said RBI in a release.