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RBI Cancels Licenses of 165 NB Financial Companies in 3 Months; 6 More Surrender

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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.

RBI Cancels Licenses of 165 NB Financial Companies in 3 Months; 6 More Surrender
 

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

Read more about: rbi nbfc
Story first published: Wednesday, August 8, 2018, 10:50 [IST]
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