Financial Insights

8 NBFCs and 1 housing finance company surrender their CoRs to RBI

Eight Non-Banking Finance Companies and one housing finance company have surrendered their Certificates of Registration (CoR) to the RBI on January 13th, 2022.

The eight NBFCs are Dholadhar Investments, Goodwill Financial Services, Morgan Stanley India Securities, Sankalp Granites, Yardley Investment and Trading company, Sri Shirdi Credit and Finance, Mangalam Softwares & West Bengal Industrial Development.

“The following eight 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 exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR. …… As such, the above companies shall 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 the RBI in its press release.

Moreover, Indie Homefin Pvt. Ltd. has surrendered its CoR issued to it by the National Housing Bank. ” The following Housing Finance Company has surrendered the CoR granted by National Housing Bank (NHB). The RBI, in exercise of powers conferred on it under Section 29A (6) of the National Housing Bank Act, 1987, has therefore cancelled the CoR.” the press release added.

Now, the 8 NBFCs cannot transact the businesses of a Non-Banking Financial Institution & Indie Homefin cannot conduct the business of either a Housing Finance Institution nor a Non-Banking Financial Institution.

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