RBI Cancels Registration Of Four Non-Banking Financial Companies
[ad_1]
New Delhi: On Friday, the Reserve Bank of India (RBI) cancelled the certificate of registration of four non-banking financial companies.Those companies are Uttar Pradesh-based Kundles Motor Finance Private Limited, Tamil Nadu-based Nithya Finance Limited, Punjab-based Bhatia Hire Purchase Pvt Ltd, and Himachal Pradeesh-based Jiwanjyoti Deposits and Advances Limited.
These companies will now not be able to transact the business of a Non-Banking Financial Institution as defined in the RBI Act. In other news, the Reserve Bank of India (RBI) today imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by the central bank on 'Loans and Advances - Statutory and Other Restrictions'. ( Also Read: RBI To Soon Launch App To Enable Retail Investors To Participate In Govt Bonds ) According to an RBI release, this penalty has been imposed in the exercise of powers vested in RBI under the Banking Regu...