The Reserve Bank of India, on January 27, 2025, has superseded the board of directors of Aviom India Housing Finance Private Limited, and appointed Shri Ram Kumar, ex-Chief General Manager, Punjab National Bank, as the Administrator. In exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act 1934, the Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator in discharge of his duties. The members of the Advisory Committee are as follows:

The Reserve Bank of India has today (January 30, 2025) filed an application for initiation of CIRP against Aviom India Housing Finance Private Limited, under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (“IBC”), 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (“FSP Insolvency Rules”) at the New Delhi Bench of the Hon’ble National Company Law Tribunal.

In exercise of the powers conferred under Section 45-IE(1) of the Reserve Bank of India Act, 1934, and as per recommendation of National Housing Bank (NHB), the Reserve Bank has today superseded the board of directors of Aviom India Housing Finance Private Limited (the company) owing to governance concerns and defaults in meeting various payment obligations, and appointed Shri Ram Kumar, ex-CGM of Punjab National Bank, as the Administrator under Section 45-IE(2) of the Reserve Bank of India Act, 1934. The Reserve Bank intends to shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, and would also apply to the NCLT, New Delhi, for appointing the Administrator as the Insolvency Resolution Professional.

In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following Non-Banking Financial Company (NBFC):

The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2024-25. 2. The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL) and gives the methodology to identify the NBFCs in the Upper Layer as per their asset size and scoring methodology. Accordingly, the 2024-25 list of NBFC-UL is as under:

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 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, 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.

On October 17, 2024, the Reserve Bank of India had, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to the following NBFCs:

The Reserve Bank of India has today issued the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025. The Master Direction consolidates the existing instructions on credit information reporting and dissemination, issued to the regulated entities (REs) of the Reserve Bank.

On October 17, 2024, the Reserve Bank of India had, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to Arohan Financial Services Limited, Kolkata, to cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024.

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

On May 29, 2024, the Reserve Bank of India had, in exercise of its powers under the Reserve Bank of India Act, 1934 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) imposed business restrictions on the following supervised entities respectively, belonging to the Edelweiss Group.

On October 17, 2024, the Reserve Bank of India had, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to Navi Finserv Limited, Bengaluru (and three other NBFCs), to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024.

In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the CoR issued to the following Non-Banking Financial Company (NBFC): Name of the NBFC Registered Office Address CoR No. CoR issued on Name of the services provider/mobile app Zavron Finance Private Limited PL. No.125, Sitabuldi, Maharajbaugh Road, Nagpur, Maharashtra – 440012 N-13.02268 August 03,2018 Ajaya Solutions Pvt. Ltd. (RupeeMax), Binenace Information Technology Pvt. Ltd., Microcard India Technology Consulting Service Private Limited, Truthigh Fintech Pvt. Ltd., Jcflash Technologies Pvt. Ltd. (FlashCash), Gradlane Systems Pvt. Ltd., Cash Bull Financial Technology Private Limited (Cash Bull), Onion Credit Private Limited (Cash Mama), TYTO Network Technologies Private Limited (Tytocash), Crazyrupee and Zincash. 

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 Ulhas Securities Private Limited Q-202, Coral, Parshwanath Atlantis Park, Near Balaji Agora Mall, S.P. Ring Road, Gandhinagar, Gujarat - 382424 N.01.00462 December 08, 2003 September 24, 2024 2 Sikar Investment Co Ltd Shri Ramji Sadan, 30-B, New Civil Lines, Bharatpur City, Bharatpur, Rajasthan -321001 10.00029 March 06, 1998 October 07, 2024 As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934. 

The following Six 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, issued Directions to the following NBFCs to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024:

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 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.