The Reserve Bank of India (RBI) announced on April 5 the cancellation of the registration certificates of four non-banking finance companies (NBFCs). These include Kundles Motor Finance Pvt Ltd, Nithya Finance Ltd, Bhatia Hire Purchase Pvt Ltd, and Jiwanjyoti Deposits and Advances Limited, as stated in an official statement.
According to the RBI, these companies are prohibited from conducting non-banking financial institution activities.
In a separate notification, the RBI mentioned that five NBFCs have voluntarily surrendered their licenses as they are exiting the NBFC business. These entities are Growing Opportunity Finance (India) Pvt Ltd, Invel Commercial Pvt. Ltd, Mohan Finance Ltd, Saraswati Properties Ltd, and Quicker Marketing Pvt Ltd.
