RBI cancels Bajaj Auto, IDFC Finance, and 24 others' NBFC registration
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The RBI has cancelled registration of as many as 26 non-banking financial companies (NBFCs) including Bajaj Auto Holdings and IDFC Finance Ltd.
"The Reserve Bank has cancelled the certificate of registration of the 26 non-banking financial companies. Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution," the RBI said in a notification.
A majority of the NBFCs belong to Kolkata while others are based out of Delhi, Chennai, Mumbai, Pune Gujarat, Punjab, Uttarakhand and Rajasthan.
The Reserve Bank can cancel a certificate of registration granted to a non-banking financial institution on various grounds including when a company ceases to carry on the business of an NBFC in India. The registration is also liable to get cancelled if the entity doesn't comply with any condition subject to which the certificate of registration had been issued to it.
(Source - DNA India)
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