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RBI Cancels Licenses of 165 NB Financial Companies in 3 Months; 6 More Surrender
The Reserve Bank of India (RBI) has cancelled the licenses of 165 non-banking financial companies (NBFC) since the month of June as per press releases made by the central bank. Another six NBFCs have surrendered their registrations. In the first six months of 2018, 368 registrations were cancelled by RBI.
The registrations were cancelled as these institutions failed to meet RBI's regulatory requirements that were amended to clean up the sector that has over 11,400 entities.
RBI's earlier amendment Act of 1997 required NBFCs to maintain a minimum capital requirement of Rs 25 lakh. This was revised to Rs 2 crore but allowed older ones to continue with the earlier requirement. In 2014's amendment, however, RBI introduced a new regulatory framework that required all the NBFCs to meet the minimum requirement of net owned fund of Rs 2 crore before 31 March 2017. Many failed to do so. Here are the 28 names released by RBI on Tuesday. You can find the complete list on RBI's official website.
| Sl. No. | Name of the Company | State |
|---|---|---|
| 1 | M/s Steel City Automotives Products Private Limited | Jharkhand |
| 2 | M/s Hindustan Products Limited | Jharkhand |
| 3 | M/s Ranchi Finance Company Private Limited | Jharkhand |
| 4 | M/s P.D. Commercials Private Limited | Bihar |
| 5 | M/s Navin Motors Limited | Bihar |
| 6 | M/s Vasundhara Leasing Private Limited | Bihar |
| 7 | M/s Fortune Enterprises Private Limited | Rajasthan |
| 8 | M/s Chirawa Investment Ltd. | Rajasthan |
| 9 | M/s Nand Auto Hire Purchase Limited | Uttar Pradesh |
| 10 | M/s Pee Dee Kapur Financial Services Private Limited (formerly known as Dolphin Securities Private Limited) | New Delhi |
| 11 | M/s Hem Tej Finance Private Limited | Tamil Nadu |
| 12 | M/s Karupar Investments and Finance Private Limited | Tamil Nadu |
| 13 | M/s Sambandam Investment and Leasing Limited | Tamil Nadu |
| 14 | M/s Badam Finance & Leasing Company Private Limited | Telangana |
| 15 | M/s Vamshadhara Finance Company Limited | Andhra Pradesh |
| 16 | M/s OTS Finance Limited | Andhra Pradesh |
| 17 | M/s Bhavishya Bharathi Financial Services Limited | Telangana |
| 18 | M/s Veerat Finance & Investment Limited | Hyderabad |
| 19 | M/s Shrinkhla Finance And Investment Private Limited | Madhya Pradesh |
| 20 | M/s SMJ Securities And Finance Private Limited | Madhya Pradesh |
| 21 | M/s Sher Securities Limited | Madhya Pradesh |
| 22 | M/s Patel Nigam Finance and Investment Private Limited | Madhya Pradesh |
| 23 | M/s Mansata Finance & Leasing Limited | Madhya Pradesh |
| 24 | M/s Chair Finance and Investment Pvt. Ltd. | Madhya Pradesh |
| 25 | M/s B. Jajodia Financial & Management Services Pvt. Ltd | Madhya Pradesh |
| 26 | M/s Vishwa Gulab Financial Services Private Limited | Madhya Pradesh |
| 27 | M/s Uttam Leasing and Capital Services Limited | Madhya Pradesh |
| 28 | M/s Shree Kankaria Tea and Finance Company Limited | Madhya Pradesh |
