Reserve Bank of India has cancelled the Certificates of Registration (CoR) of 150 Non-Banking Financial Companies (NBFCs), with the highest number of affected entities located in Delhi and West Bengal, according to a central bank release issued on Thursday.
An analysis of the RBI’s list showed that nearly 67 of the cancelled NBFCs were registered in Delhi, while around 75 companies were based in West Bengal, mainly in Kolkata and surrounding areas.
“The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies,” the RBI said in its official statement.
The affected firms include several small and mid-sized finance and investment companies involved in activities such as lending, leasing, investments, and related financial services.
Apart from Delhi and West Bengal, the list also includes companies registered in Telangana, Karnataka, Madhya Pradesh, Bihar, and Haryana.
The RBI clarified that these companies are no longer permitted to conduct business as non-banking financial institutions under the provisions of the RBI Act.
“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 RBI Act, 1934,”
