RBI Cracks the Whip as Three NBFCs Lose Licenses
RBI Cracks the Whip as Three NBFCs Lose Licenses
The Reserve Bank of India (RBI) revoked the licenses of three non-banking financial companies (NBFCs) on February 9. The affected companies are Bharathu Investment & Finance India, Cox & Kings Financial Service, and PSPR Enterprises Pvt Ltd.
In a separate announcement, the RBI stated that nine NBFCs and one housing finance company voluntarily surrendered their licences. Notably, Reliance Home Finance Ltd. relinquished its license after exiting the housing finance sector.
Among the nine NBFCs to surrender their licences after exiting their business include S.M.I.L.E. Microfinance, JFC Impex Pvt Ltd, Cauvery Tradefin Pvt Ltd, and Ginni Tradefin Ltd.
Five other NBFCs, JG Trading & Investment Pvt Ltd, SK Finserve Pvt Ltd, Microfirm Capital Pvt Ltd, Bohra & Co Pvt Ltd, and Mahyco Grow Finance Pvt Ltd, had their licences surrendered as they ceased to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
