RBI cancels Certificate of Registration of M/s Kotasar Limited & United Credit & Development Co. Limited

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RBI cancels Certificate of Registration of M/s Kotasar Limited & United Credit & Development Co. Limited

The Reserve Bank of India has cancelled the certificate of registration of the following non-banking financial companies (NBFCs) for carrying on the business of non-banking financial institution. Following cancellation of registration certificate, the company cannot transact the business of non-banking financial institution.

Sr. No.	Company's Name	Address of Registered Office	Certificate of Registration No. & Date	Date of cancellation
1.	Kotasar Limited	10, Clive Row, 3rd Floor, Kolkata-700 001	CoR No 05.01848 dated April 30, 1998	June 18, 2014
2.	United Credit & Development Co. Limited	103, Park Street, Kolkata-700 016	CoR No. N.05.06685 dated April 24, 2007	June 19, 2014

The Reserve Bank can cancel the registration certificate of a non-banking financial company under the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/168