The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

The following five Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.  Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Nimisha Finance India Private Limited B 1/7, Sector 1, Jankipuram Extension, Lucknow, Uttar Pradesh – 226021 B-12.00291 March 29, 2001 February 08, 2024 2 R.M.B. Finance Company Limited Rajni Complex, 3rd Floor, Khagaul Road, Mithapur, Patna Sadar, Bihar - 800001 B-15.00036 November 08, 2001 February 14, 2024

The following seven Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed JM Financial Products Limited (JMFPL or ‘the company’) to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures. The Company shall, however, continue to service its existing loan accounts through the usual collection and recovery process.

The Reserve Bank of India has today, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed IIFL Finance Ltd. (“the company”) to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. The company can, however, continue to service its existing gold loan portfolio through usual collection and recovery processes.

As announced in Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated August 10, 2023, the Reserve Bank has issued Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 to bring clarity, brevity and harmonization to the instructions issued to various supervised entities for submission of returns.

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

The following Nine Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on October 06, 2023, the Reserve Bank has today placed on its website, a ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for Regulated Entities’.  The draft omnibus framework contains broad parameters applicable to any Self-Regulatory Organisation (SRO) viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition to the SRO.

The Reserve Bank of India today released the draft circular on ‘Review of regulatory framework for HFCs and harmonisation of regulations applicable to HFCs and NBFCs’. Comments on the draft circular are invited from NBFCs (including HFCs) and other stakeholders by February 29, 2024. 

The following 5 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

 The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.Sr. No.Name of the CompanyRegistered Office AddressCoR No.CoR Issued OnCancellation Order Date1Jaryal Motor Finance Company LimitedWard No. 11, Dosharka, Subhash Nagar, P.O. Mohin, Tehsil & District Hamirpur, Himachal Pradesh - 177001B-06.00489July 02, 2018

The following 15 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Bajaj Finance Ltd. (“the company”) to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.

The following Four Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

The first flagship publication of the Centre for Advanced Financial Research and Learning (CAFRAL) with the title “India Finance Report 2023” (IFR 2023) was released by Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI) today. CAFRAL, a not-for-profit organisation, was set up in 2011 as an independent body by the RBI to promote research and learning in banking and finance.