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RBI cancels certificates of 56 NBFCs

The Reserve Bank of India has cancelled certificate of registration of 56 NBFCs in the country. These companies cannot now transact business. The RBI statement did not specify any reason for this action. According to provisions of the RBI Act, the central bank may cancel a certificate of registration of an NBFC if it ceases to carry out the business of an NBFC, or fails to complay with any condition subject to which the certificate has been issued. The NBFCs whose certificates of registration have been cancelled include ABNL, Future Ventures India and Bajaj Finserve. Bajaj Finserv said since Bajaj Finance is already an NBFC and Bajaj Finserv is now a core investment company, the NBFC registration for the latter would not have served any purpose. Of the 56, 16 are from Kolkata while more than 10 are Mumbai-based.

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