RBI Action: RBI imposed a fine of Rs 29.60 lakh on this bank, this is the reason
RBI has surrendered the COR of more than 15 NBFCs. 20 have surrendered their licenses themselves. Now these companies will not be allowed to do business as non-banking finance companies.
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License Canceled: The Reserve Bank of India (RBI) has once again taken strict action. The registration certificate of 17 non-banking finance companies was cancelled at once. At the same time, 20 NBFCs have surrendered their CoR on their own due to different reasons.
All the banks whose licenses have been cancelled are located in West Bengal. These banks will not be allowed to do any business including transactions as NBFCs. Due to exiting the banking financial institution business, two NBFCs of Maharashtra have surrendered the CoR to RBI. At the same time, a total of 20 NBFCs have surrendered the CoR due to amalgamation/merger/dissolution/voluntary strike-off etc.
Reliance, Birla and IDFC companies surrendered their licenses
Manov Investment Private Limited (Mumbai, Maharashtra) and Reliance Commercial Finance Limited (Mumbai, Maharashtra) have surrendered their COR after exiting the non-banking financial institution business. Many companies including West Bengal’s CRB Agency Private Limited, Agarwal Iron and Steel Company Limited, Akashganga Suppliers Private Limited, Brain Trust Securities Private Limited have surrendered their COR. Apart from this, Chennai-based IDFC Financial Holding Company Limited and IDFC Limited have also surrendered their COR. Mumbai-based Birla Family Investment Private Limited and Birla TMT Holdings Private Limited have also surrendered their COR.
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