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ਪ੍ਰੈਸ ਰਿਲੀਜ਼
ਮਈ 26, 2023
RBI cancels Certificate of Registration of one NBFC
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 New Link Overseas Finance Limited Mamatta Complex, II Floor, 13, Whites Road, Royapettah, Madras, Tamilnadu - 600014 07-00309 June 01, 2007 May 26, 2023 As such, the abo
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 New Link Overseas Finance Limited Mamatta Complex, II Floor, 13, Whites Road, Royapettah, Madras, Tamilnadu - 600014 07-00309 June 01, 2007 May 26, 2023 As such, the abo
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ਮਈ 26, 2023
19 NBFCs surrender their Certificate of Registration to RBI (Revised on July 18, 2023)
The following 19 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
The following 19 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
ਮਈ 12, 2023
14 NBFCs surrender their Certificate of Registration to RBI
The following 14 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR issued on Date of Cancella
The following 14 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR issued on Date of Cancella
ਮਈ 12, 2023
RBI cancels Certificate of Registration of seven NBFCs
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 Coorg Tea Company Limited No.31, Near Devi Theatre, 5th Main Road, Srirampuram, Bangalore, Karnataka – 560 021 02.00045 March 06, 1998 April 20, 2023 2 Trimurthi Finve
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 Coorg Tea Company Limited No.31, Near Devi Theatre, 5th Main Road, Srirampuram, Bangalore, Karnataka – 560 021 02.00045 March 06, 1998 April 20, 2023 2 Trimurthi Finve
ਅਪ੍ਰੈ 13, 2023
RBI cancels Certificate of Registration of two NBFC
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 BRD Securities Ltd Door No: XIII/436, A2, I Floor, Bethany Complex, Kunnamkulam, Thrissur, Kerala 680503 B-16.00040 May 29, 2017 March 13, 2023 2 Lakshmi Finance Priva
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 BRD Securities Ltd Door No: XIII/436, A2, I Floor, Bethany Complex, Kunnamkulam, Thrissur, Kerala 680503 B-16.00040 May 29, 2017 March 13, 2023 2 Lakshmi Finance Priva
ਅਪ੍ਰੈ 13, 2023
22 NBFCs surrender their Certificate of Registration to RBI
The following 22 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
The following 22 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
ਅਪ੍ਰੈ 12, 2023
RBI releases Draft Circular on Fair Lending Practice - Penal Charges in Loan Accounts
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated February 08, 2023 regarding the review of extant regulatory guidelines on levy of penal interest, the Reserve Bank of India has released today the Draft Circular on Fair Lending Practice - Penal Charges in Loan Accounts. Comments by the stakeholders on the ‘Draft Circular’ may be submitted by May 15, 2023 to the Chief General Manager, Department of Regulation, Central
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated February 08, 2023 regarding the review of extant regulatory guidelines on levy of penal interest, the Reserve Bank of India has released today the Draft Circular on Fair Lending Practice - Penal Charges in Loan Accounts. Comments by the stakeholders on the ‘Draft Circular’ may be submitted by May 15, 2023 to the Chief General Manager, Department of Regulation, Central
ਅਪ੍ਰੈ 10, 2023
RBI simplifies the application process for registration of Core Investment Companies
The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. Accordingly, the application form has been revamped to make it structured and aligned with the extant CIC regulations. Also, the number of documents to be furnished along with the application form has been reduced to 18 from the existing set of 52 documents to
The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. Accordingly, the application form has been revamped to make it structured and aligned with the extant CIC regulations. Also, the number of documents to be furnished along with the application form has been reduced to 18 from the existing set of 52 documents to
ਮਾਰਚ 10, 2023
17 NBFCs surrender their Certificate of Registration to RBI
The following 17 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
The following 17 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
ਮਾਰਚ 02, 2023
RBI cancels Certificate of Registration of M/s Rhino Finance Private Limited due to irregular lending practices
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): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued on Name of the services provider/mobile app 1 Rhino Finance Private Limited R Dutta Market, Second Floor, A.T. Road, Guwahati, Assam – 781001 B.08.00128 October 16, 2000 H
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): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued on Name of the services provider/mobile app 1 Rhino Finance Private Limited R Dutta Market, Second Floor, A.T. Road, Guwahati, Assam – 781001 B.08.00128 October 16, 2000 H
ਫ਼ਰ 17, 2023
Reserve Bank of India appoints Shri Vikramaditya Singh Khichi as a member in the Advisory Committee of M/s Reliance Capital Ltd
Reserve Bank of India, vide its press release dated December 07, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Consequent upon the resignation of Shri Srinivasan Va
Reserve Bank of India, vide its press release dated December 07, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Consequent upon the resignation of Shri Srinivasan Va
ਫ਼ਰ 13, 2023
Reserve Bank cancels Certificate of Registration (CoR) of two NBFCs due to irregular lending practices
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 two Non-Banking Financial Companies (NBFCs): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued on Name of the services provider/mobile app 1 Kudos Finance and Investments Private Limited 7th Floor, East Wing, Marisoft-3, Marigold Premises, Kalyani Nagar, Pune
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 two Non-Banking Financial Companies (NBFCs): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued on Name of the services provider/mobile app 1 Kudos Finance and Investments Private Limited 7th Floor, East Wing, Marisoft-3, Marigold Premises, Kalyani Nagar, Pune
ਫ਼ਰ 09, 2023
9 NBFCs surrender their Certificate of Registration to RBI
The following 9 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancellat
The following 9 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancellat
ਫ਼ਰ 09, 2023
RBI cancels Certificate of Registration of 1 NBFC
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 Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Balaji Instalments Limited Madhuban Shopping Complex, Station Road, Pilibhit, Uttar Pradesh-262001 A-12.00269 May 28, 2008 January 12, 2023 As such, the above company sh
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 Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Balaji Instalments Limited Madhuban Shopping Complex, Station Road, Pilibhit, Uttar Pradesh-262001 A-12.00269 May 28, 2008 January 12, 2023 As such, the above company sh
ਜਨ 31, 2023
Reserve Bank of India appoints Shri V Ramachandra as a member in the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL)
Reserve Bank of India, vide its press release dated October 11, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Subsequently, upon the resignation of Shri R. Subraman
Reserve Bank of India, vide its press release dated October 11, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Subsequently, upon the resignation of Shri R. Subraman
ਜਨ 11, 2023
10 NBFCs and One ARC surrender their Certificate of Registration to RBI
The following 10 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
The following 10 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancella
ਜਨ 04, 2023
RBI releases Annual Report of Ombudsman Schemes, 2021-22
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme
ਦਸੰ 13, 2022
Three NBFCs surrender their Certificate of Registration to RBI
The following three Non-Banking Financial Companies (NBFCs) have surrendered the Certificate of Registration (CoR) granted to it 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancel
The following three Non-Banking Financial Companies (NBFCs) have surrendered the Certificate of Registration (CoR) granted to it 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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancel
ਦਸੰ 13, 2022
RBI cancels Certificate of Registration of two NBFCs
The Reserve Bank of India (RBI), 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 (CoR) of the following two companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Nedumpillil Financial Company Limited 41/3793, IInd Floor, Carmel Centre Building, Banerji Road, Kochi, Kerala- 682018 B-16.00124 September 25, 2002 No
The Reserve Bank of India (RBI), 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 (CoR) of the following two companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Nedumpillil Financial Company Limited 41/3793, IInd Floor, Carmel Centre Building, Banerji Road, Kochi, Kerala- 682018 B-16.00124 September 25, 2002 No
ਦਸੰ 01, 2022
Voluntary Surrender of CoR by NBFCs (including HFCs) for cancellation - Application form and Indicative checklist
The Reserve Bank receives requests from NBFCs (including HFCs) seeking to surrender the Certificate of Registration (CoR) voluntarily on account of ceasing to carry out the business of Non-Banking Financial Institution or Housing Finance Institution / conversion to unregistered Core Investment Company / amalgamation or merger with other entity etc. In order to streamline the process of voluntary cancellation of CoR, the Reserve Bank today has uploaded the application
The Reserve Bank receives requests from NBFCs (including HFCs) seeking to surrender the Certificate of Registration (CoR) voluntarily on account of ceasing to carry out the business of Non-Banking Financial Institution or Housing Finance Institution / conversion to unregistered Core Investment Company / amalgamation or merger with other entity etc. In order to streamline the process of voluntary cancellation of CoR, the Reserve Bank today has uploaded the application
ਨਵੰ 10, 2022
Five NBFCs surrender their Certificate of Registration to RBI
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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancel
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. i) Due to exit from Non-Banking Financial Institution (NBFI) business: Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Date of Cancel
ਨਵੰ 10, 2022
RBI cancels Certificate of Registration of two NBFCs
The Reserve Bank of India (RBI), 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 two companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Grihastha Finance Limited Shivpuri, Near Dhrampur High School, Tajpur Road, Samastipur, Bihar - 848101 A-15.00049 May 08, 2002 October 10, 2022 2 Pawan Motor
The Reserve Bank of India (RBI), 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 two companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Grihastha Finance Limited Shivpuri, Near Dhrampur High School, Tajpur Road, Samastipur, Bihar - 848101 A-15.00049 May 08, 2002 October 10, 2022 2 Pawan Motor
ਅਕਤੂ 12, 2022
Cancellation of the CoR of Brickwork Ratings India Private Limited by SEBI
The Securities and Exchange Board of India has cancelled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as a Credit Rating Agency (CRA), vide Order WTM/ASB/MIRSD/MIRSD_CRADT/20175/2022-23 dated October 6, 2022. The CRA has been directed to wind down its operations within a period of six months from the date of the aforesaid Order and not to take any new clients /fresh mandates from the date of Order ibid. 2. In view of the abo
The Securities and Exchange Board of India has cancelled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as a Credit Rating Agency (CRA), vide Order WTM/ASB/MIRSD/MIRSD_CRADT/20175/2022-23 dated October 6, 2022. The CRA has been directed to wind down its operations within a period of six months from the date of the aforesaid Order and not to take any new clients /fresh mandates from the date of Order ibid. 2. In view of the abo
ਅਕਤੂ 12, 2022
RBI cancels Certificate of Registration of four NBFCs
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 four companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 S.R.M. Properties And Finance Company Pvt. Ltd Flat No. 817, 8th Floor, Block - Topaz Urbana Jewels, Off SEZ Road, Sanganer, Jaipur, Rajasthan - 302026 B-10.00178
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 four companies. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 S.R.M. Properties And Finance Company Pvt. Ltd Flat No. 817, 8th Floor, Block - Topaz Urbana Jewels, Off SEZ Road, Sanganer, Jaipur, Rajasthan - 302026 B-10.00178
ਅਕਤੂ 12, 2022
Four NBFCs surrender their Certificate of Registration to RBI
The following four Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Ashwini Investment Private Limited 78/3, Janpath, Second F
The following four Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Ashwini Investment Private Limited 78/3, Janpath, Second F
ਅਕਤੂ 06, 2022
RBI launches दक्ष (DAKSH) - Reserve Bank’s Advanced Supervisory Monitoring System
The Reserve Bank of India has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes. In continuation of this effort, Shri Shaktikanta Das, Governor, today launched a new SupTech initiative named “दक्ष (DAKSH) - Reserve Bank’s Advanced Supervisory Monitoring System”, which is expected to
The Reserve Bank of India has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes. In continuation of this effort, Shri Shaktikanta Das, Governor, today launched a new SupTech initiative named “दक्ष (DAKSH) - Reserve Bank’s Advanced Supervisory Monitoring System”, which is expected to
ਸਤੰ 30, 2022
RBI releases list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs
The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs. 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). It specifies that Upper Layer shall comprise of those NBFCs which are specifically
The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs. 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). It specifies that Upper Layer shall comprise of those NBFCs which are specifically
ਸਤੰ 22, 2022
Action against Mahindra & Mahindra Financial Services Ltd., under Section 45L(1)(b) of the Reserve Bank of India Act, 1934
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 Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees. This action is based on certain
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 Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. However, the said NBFC may continue to carry out recovery or repossession activities, through its own employees. This action is based on certain
ਸਤੰ 08, 2022
One NBFC surrender its Certificate of Registration to RBI
The following Non-Banking Financial Company (NBFC) has surrendered the Certificate of Registration (CoR) granted to it 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 its CoR. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Tab Capital Private Limited SH-05, Building No.23A, Tulsi Co. Housing S
The following Non-Banking Financial Company (NBFC) has surrendered the Certificate of Registration (CoR) granted to it 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 its CoR. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Tab Capital Private Limited SH-05, Building No.23A, Tulsi Co. Housing S
ਸਤੰ 08, 2022
RBI cancels Certificate of Registration of One NBFC
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 ET Devassy and Sons Finance Private Limited Building No. 1/261, Palayamparambu P.O., Thrissur, Kerala - 680741 B-16.00090 September 15, 2010 August 05, 2022 As such, the
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 ET Devassy and Sons Finance Private Limited Building No. 1/261, Palayamparambu P.O., Thrissur, Kerala - 680741 B-16.00090 September 15, 2010 August 05, 2022 As such, the
ਅਗ 12, 2022
Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents
The Reserve Bank of India has been addressing the issues relating to recovery agents (RAs) engaged by the Regulated Entities (REs), viz., Scheduled Commercial Banks, Non-Banking Financial Companies, etc., and the methods and practices being followed by these agents while undertaking loan recovery activities. The Reserve Bank of India, as part of guidelines on Fair Practices Code (FPC), has already advised REs that they should not resort to intimidation or harassment o
The Reserve Bank of India has been addressing the issues relating to recovery agents (RAs) engaged by the Regulated Entities (REs), viz., Scheduled Commercial Banks, Non-Banking Financial Companies, etc., and the methods and practices being followed by these agents while undertaking loan recovery activities. The Reserve Bank of India, as part of guidelines on Fair Practices Code (FPC), has already advised REs that they should not resort to intimidation or harassment o
ਅਗ 08, 2022
RBI cancels Certificate of Registration of Two NBFCs
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 Alarming Finvest Private Limited 1214, 12th Floor, 38, Ansal Tower, Nehru Place, Delhi - 110019 B-14.02148 December 06, 2000 July 04, 2022 2 Achal Finance Limited 280/
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 Alarming Finvest Private Limited 1214, 12th Floor, 38, Ansal Tower, Nehru Place, Delhi - 110019 B-14.02148 December 06, 2000 July 04, 2022 2 Achal Finance Limited 280/
ਅਗ 08, 2022
Four Non-Banking Financial Companies surrender their Certificate of Registration to Reserve Bank of India
The following Four Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Chettinad Financial Management Services Private Limited Ra
The following Four Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Chettinad Financial Management Services Private Limited Ra
ਜੁਲਾ 12, 2022
Three NBFCs surrender their CoR to RBI
The following three Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 P.K.C. Credit Pvt. Ltd. Flat No.18, Trimurti 4, Lower Raw
The following three Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 P.K.C. Credit Pvt. Ltd. Flat No.18, Trimurti 4, Lower Raw
ਜੁਲਾ 12, 2022
RBI cancels Certificate of Registration of four NBFCs
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 Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited) No. 361, 2nd Floor, 19th Main Adj. to Diacon Hospital, Rajajinagar 1st Block, Bengal
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 Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited) No. 361, 2nd Floor, 19th Main Adj. to Diacon Hospital, Rajajinagar 1st Block, Bengal
ਜੂਨ 23, 2022
Draft Master Direction on Outsourcing of Information Technology (IT) Services
Regulated Entities (REs) have been extensively leveraging Information Technology (IT) and IT-enabled services (ITeS) in their business, products and services with increasing dependence on third parties. Such reliance on IT/ITeS provided by third parties exposes the REs to various risks. 2. It was announced in the Statement on Developmental and Regulatory Policies, released with the bi-monthly Monetary Policy Statement dated February 10, 2022, that draft guidelines on
Regulated Entities (REs) have been extensively leveraging Information Technology (IT) and IT-enabled services (ITeS) in their business, products and services with increasing dependence on third parties. Such reliance on IT/ITeS provided by third parties exposes the REs to various risks. 2. It was announced in the Statement on Developmental and Regulatory Policies, released with the bi-monthly Monetary Policy Statement dated February 10, 2022, that draft guidelines on
ਜੂਨ 23, 2022
Reserve Bank of India appoints Shri Venkat Nageswar Chalasani as a member in the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL)
Reserve Bank of India, vide its press release dated October 11, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Consequent upon resignation of Shri R. Subramaniakumar
Reserve Bank of India, vide its press release dated October 11, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process. Consequent upon resignation of Shri R. Subramaniakumar
ਜੂਨ 09, 2022
2 Non-Banking Financial Companies surrender their Certificate of Registration to Reserve Bank of India
The following 2 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Empower India Capital Investments Private Limited Door No- 42
The following 2 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Empower India Capital Investments Private Limited Door No- 42
ਜੂਨ 09, 2022
RBI cancels Certificate of Registration of 3 NBFCs (including 2 Housing Finance Companies)
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 (CoR) of the following company. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Malik Motor Finance Limited H-213, Sector 63, Gautam Buddha Nagar, Noida, Uttar Pradesh – 201301. B.12.00.434 May 08, 2006 May 26, 2022 As such, the above company
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 (CoR) of the following company. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Malik Motor Finance Limited H-213, Sector 63, Gautam Buddha Nagar, Noida, Uttar Pradesh – 201301. B.12.00.434 May 08, 2006 May 26, 2022 As such, the above company
ਮਈ 25, 2022
Reserve Bank cancels Certificate of Registration (CoR) of five NBFCs due to irregular lending practices
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued On Name of the services provider/mobile app 1 UMB Securities Limited No.52, Pagariya Plaza, 28th C Cross, 11th Main Road, 4th Block Jayanagar, Bangalore, Karn
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs): Sr. No. Name of the NBFC Registered Office Address CoR No. CoR Issued On Name of the services provider/mobile app 1 UMB Securities Limited No.52, Pagariya Plaza, 28th C Cross, 11th Main Road, 4th Block Jayanagar, Bangalore, Karn
ਮਈ 10, 2022
7 Non-Banking Financial Companies surrender their Certificate of Registration to Reserve Bank of India
The following 7 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Pondicherry Industrial Promotion Development and Investment C
The following 7 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Pondicherry Industrial Promotion Development and Investment C
ਮਈ 06, 2022
Reserve Bank of India imposes monetary penalty on KKR India Financial Services Limited, Mumbai
The Reserve Bank of India (RBI) has imposed, by an order dated May 05, 2022, a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on KKR India Financial Services Limited, Mumbai (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-sect
The Reserve Bank of India (RBI) has imposed, by an order dated May 05, 2022, a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on KKR India Financial Services Limited, Mumbai (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-sect
ਮਈ 06, 2022
Reserve Bank of India imposes monetary penalty on Daimler Financial Services India Private Limited, Pune, Maharashtra
The Reserve Bank of India (RBI) has, by an order dated May 05, 2022, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Daimler Financial Services India Private Limited, Pune, Maharashtra (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with
The Reserve Bank of India (RBI) has, by an order dated May 05, 2022, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Daimler Financial Services India Private Limited, Pune, Maharashtra (the company) for non-compliance with the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with
ਅਪ੍ਰੈ 11, 2022
RBI cancels Certificate of Registration of One NBFC
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Karnawati Capital Market Limited 9/3, Madhuram Complex, Keshavnagar, Ahmedabad, Gujarat – 380 027 01.00197 March 30, 1998 March 8, 2022 As such, the above company shall
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 Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 Karnawati Capital Market Limited 9/3, Madhuram Complex, Keshavnagar, Ahmedabad, Gujarat – 380 027 01.00197 March 30, 1998 March 8, 2022 As such, the above company shall
ਅਪ੍ਰੈ 11, 2022
Cancellation of CoR of 22 NBFCs and One HFC
The following 22 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Anjali Technology Holdings Private Limited Jay Chambers, Ser
The following 22 Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 Anjali Technology Holdings Private Limited Jay Chambers, Ser
ਮਾਰਚ 09, 2022
NaBFID - All India Financial Institution (AIFI)
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021 received the assent of the President on March 28, 2021 and has come into force w.e.f. April 19, 2021. Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India. NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve Bank under Sections 45L and 45N
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021 received the assent of the President on March 28, 2021 and has come into force w.e.f. April 19, 2021. Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing in India. NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve Bank under Sections 45L and 45N
ਮਾਰਚ 09, 2022
Reserve Bank clarifies on the mode of receipt of complaints under Reserve Bank - Integrated Ombudsman Scheme 2021(RB-IOS)
Instances of misinformation being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) have come to the notice of the RBI. These messages are conveying to public at large to lodge their complaints against entities regulated by RBI through third parties for a charge/fee or otherwise for early redress of grievances. It is clarified that RBI does not have any such arrangement with any entity for redress of
Instances of misinformation being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) have come to the notice of the RBI. These messages are conveying to public at large to lodge their complaints against entities regulated by RBI through third parties for a charge/fee or otherwise for early redress of grievances. It is clarified that RBI does not have any such arrangement with any entity for redress of
ਫ਼ਰ 24, 2022
Reserve Bank cancels Certificate of Registration of M/s P C Financial Services Private Limited, New Delhi
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to M/s P C Financial Services Private Limited, New Delhi. As such, M/s P C Financial Services Private Limited shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934. M/s P C Financial Services Private Limi
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to M/s P C Financial Services Private Limited, New Delhi. As such, M/s P C Financial Services Private Limited shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934. M/s P C Financial Services Private Limi
ਜਨ 14, 2022
RBI releases Discussion Paper on Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 8, 2021, the Reserve Bank of India has released today the Discussion Paper on Review of Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks. Comments on the Discussion Paper are invited from banks, market participants and other stakeholders by February 15, 2022. Feedback on the Discussion Paper may be forw
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 8, 2021, the Reserve Bank of India has released today the Discussion Paper on Review of Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks. Comments on the Discussion Paper are invited from banks, market participants and other stakeholders by February 15, 2022. Feedback on the Discussion Paper may be forw
ਜਨ 13, 2022
Nine Non-Banking Financial Companies (including one Housing Finance Company) surrender their Certificate of Registration to Reserve Bank of India
The following eight Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 M/s Dholadhar Investments Private Limited Mann Filling St
The following eight Non-Banking Financial Companies (NBFCs) 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. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued on Cancellation Order Date 1 M/s Dholadhar Investments Private Limited Mann Filling St
ਜਨ 12, 2022
RBI releases Annual Report of Ombudsman Schemes, 2020-21
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2020-21 today, which has been prepared for the nine-month period, i.e., July 1, 2020 to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March' with effect from July 1, 2020. The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2020-21 today, which has been prepared for the nine-month period, i.e., July 1, 2020 to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March' with effect from July 1, 2020. The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies
ਜਨ 05, 2022
RBI releases “Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021”
Consequent to the Credit Information Companies (Amendment) Regulations, 2021 published in the Gazette of India vide notification CG-DL-E-30112021-231472 dated November 29, 2021, the Reserve Bank of India has today released on its website, “Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021”. The criteria sets out the requirement for the entities to bec
Consequent to the Credit Information Companies (Amendment) Regulations, 2021 published in the Gazette of India vide notification CG-DL-E-30112021-231472 dated November 29, 2021, the Reserve Bank of India has today released on its website, “Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021”. The criteria sets out the requirement for the entities to bec
ਦਸੰ 31, 2021
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning January 1, 2022
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning January 1, 2022 will be 7.89 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning January 1, 2022 will be 7.89 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
ਦਸੰ 14, 2021
PCA Framework for NBFCs
The Reserve Bank of India has today issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). It may be recalled that the revised Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks (SCBs) was issued on November 2, 2021. NBFCs have been growing in size and have substantial inter-connectedness with other segments of the financial system. Accordingly, a PCA Framework for NBFCs has also been put in place to furth
The Reserve Bank of India has today issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). It may be recalled that the revised Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks (SCBs) was issued on November 2, 2021. NBFCs have been growing in size and have substantial inter-connectedness with other segments of the financial system. Accordingly, a PCA Framework for NBFCs has also been put in place to furth
ਦਸੰ 07, 2021
Reserve Bank of India retains the Advisory Committee of Reliance Capital Ltd
It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on November 30, 2021, constituted a three-member Advisory Committee to assist Shri Nageswara Rao Y, Administrator of Reliance Capital Ltd (RCL) in discharge of his duties. The members of the Committee are: Shri Sanjeev Nautiyal, ex-DMD, State Bank of India Shri Srinivasan Varadarajan, ex-DMD, Axis Bank Shri Praveen P Kadle, ex-MD & CEO,
It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on November 30, 2021, constituted a three-member Advisory Committee to assist Shri Nageswara Rao Y, Administrator of Reliance Capital Ltd (RCL) in discharge of his duties. The members of the Committee are: Shri Sanjeev Nautiyal, ex-DMD, State Bank of India Shri Srinivasan Varadarajan, ex-DMD, Axis Bank Shri Praveen P Kadle, ex-MD & CEO,
ਦਸੰ 02, 2021
Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016
The Reserve Bank has today (December 02, 2021) filed an application for initiation of CIRP against Reliance Capital Ltd., 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 Mumbai Benc
The Reserve Bank has today (December 02, 2021) filed an application for initiation of CIRP against Reliance Capital Ltd., 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 Mumbai Benc
ਨਵੰ 30, 2021
RBI appoints an Advisory Committee to advise the Administrator of M/s Reliance Capital Ltd
The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, 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: S
The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, 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: S
ਨਵੰ 29, 2021
Supersession of the Board of Directors and Appointment of Administrator - M/s Reliance Capital Ltd
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively. Shri Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the Admin
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively. Shri Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the Admin
ਨਵੰ 15, 2021
The Reserve Bank introduces Internal Ombudsman mechanism for select Non-Banking Financial Companies (NBFCs)
As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated October 8, 2021, the Reserve Bank, in exercise of the powers conferred under Section 45 (L) read with 45 (M) of the Reserve Bank of India Act, 1934, has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface to appoint
As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated October 8, 2021, the Reserve Bank, in exercise of the powers conferred under Section 45 (L) read with 45 (M) of the Reserve Bank of India Act, 1934, has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface to appoint
ਅਕਤੂ 22, 2021
RBI releases draft Master Direction on Prudential Regulation for AIFIs - 2021
The Reserve Bank has today placed on its website the Draft Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2021. These Directions shall be applicable to the four All India Financial Institutions (AIFIs) viz., EXIM Bank, NABARD, NHB, and SIDBI. It has bee
The Reserve Bank has today placed on its website the Draft Reserve Bank of India (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2021. These Directions shall be applicable to the four All India Financial Institutions (AIFIs) viz., EXIM Bank, NABARD, NHB, and SIDBI. It has bee
ਅਕਤੂ 12, 2021
Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022. This action has been taken on account of the fail
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022. This action has been taken on account of the fail
ਅਕਤੂ 12, 2021
Seven NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Pramanand Commercial Private Limited Lower ground floor, Hindus
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Pramanand Commercial Private Limited Lower ground floor, Hindus
ਅਕਤੂ 12, 2021
RBI cancels Certificate of Registration of Six NBFCs
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 M/s Cartel Finance and Investments Private Limited KH. No. 773, Harcharan Bagh G/F, Andheria More, Mehrauli, New Delhi-110030 B-14.01612 March 08, 2000 July 05, 2021 2
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 M/s Cartel Finance and Investments Private Limited KH. No. 773, Harcharan Bagh G/F, Andheria More, Mehrauli, New Delhi-110030 B-14.01612 March 08, 2000 July 05, 2021 2
ਅਕਤੂ 11, 2021
Reserve Bank of India retains the Advisory Committee of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited
It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the Reserve Bank of India Act, 1934, the Reserve Bank had, on October 04, 2021, constituted a three-member Advisory Committee to assist Shri Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties. The members of the Committee are: Shri R. Subramaniakumar, former MD & CEO, Indian Overseas
It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the Reserve Bank of India Act, 1934, the Reserve Bank had, on October 04, 2021, constituted a three-member Advisory Committee to assist Shri Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties. The members of the Committee are: Shri R. Subramaniakumar, former MD & CEO, Indian Overseas
ਅਕਤੂ 08, 2021
Application for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited filed under the Insolvency and Bankruptcy Code, 2016
The Reserve Bank has today (October 08, 2021) filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance 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
The Reserve Bank has today (October 08, 2021) filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance 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
ਅਕਤੂ 04, 2021
Reserve Bank of India Appoints an Advisory Committee to advise the Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL)
The Reserve Bank of India, today, has superseded the board of directors of SIFL and SEFL and appointed Shri Rajneesh Sharma, ex-Chief General Manager, Bank of Baroda, as the Administrator. The Reserve Bank, in exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, 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: 1. Shri R. Subramaniakum
The Reserve Bank of India, today, has superseded the board of directors of SIFL and SEFL and appointed Shri Rajneesh Sharma, ex-Chief General Manager, Bank of Baroda, as the Administrator. The Reserve Bank, in exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, 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: 1. Shri R. Subramaniakum
ਅਕਤੂ 04, 2021
Supersession of the Board of Directors and Appointment of Administrator- Srei Infrastructure Finance Limited and Srei Equipment Finance Limited
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations. Shri Rajneesh Sharma, Ex- Chief General Manager, Bank of Baroda has been appointed as the Administrator of
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations. Shri Rajneesh Sharma, Ex- Chief General Manager, Bank of Baroda has been appointed as the Administrator of
ਸਤੰ 30, 2021
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning October 1, 2021
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 1, 2021 will be 7.95 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 1, 2021 will be 7.95 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
ਜੁਲਾ 19, 2021
RBI cancels Certificate of Registration of Four NBFCs
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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Psychotropics Leasing and Finance Private Limited Plot No. 17, Sector-20A, Faridabad, Haryana- 121001 B-14.00623 April 01, 1998 April 05, 2021 2 M/s Saan Popular Finance Priv
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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Psychotropics Leasing and Finance Private Limited Plot No. 17, Sector-20A, Faridabad, Haryana- 121001 B-14.00623 April 01, 1998 April 05, 2021 2 M/s Saan Popular Finance Priv
ਜੁਲਾ 19, 2021
Seven NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s V P C L Finance Private Limited H. No. 8-3-191/85 (78/A), Opp. Heritage Fr
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s V P C L Finance Private Limited H. No. 8-3-191/85 (78/A), Opp. Heritage Fr
ਜੂਨ 30, 2021
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning July 1, 2021
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2021 will be 7.98 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2021 will be 7.98 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average
ਜੂਨ 14, 2021
RBI releases Consultative Document on Regulation of Microfinance
In the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, the Reserve Bank of India had announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated lenders in the microfinance space. Accordingly, the Consultative Document on Regulation of Microfinance has been released today for feedback from all stakeholders. The s
In the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, the Reserve Bank of India had announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated lenders in the microfinance space. Accordingly, the Consultative Document on Regulation of Microfinance has been released today for feedback from all stakeholders. The s
ਮਈ 07, 2021
Group of Advisors to Regulations Review Authority invites feedback and suggestions
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation. 2. The RRA has constituted an Advisory Group, representing members from regulated entities, inclu
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation. 2. The RRA has constituted an Advisory Group, representing members from regulated entities, inclu
ਅਪ੍ਰੈ 27, 2021
Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
ਅਪ੍ਰੈ 27, 2021
RBI cancels Certificate of Registration of Four NBFCs
The Reserve Bank of India (RBI), 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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Vrundavan Securities Limited 202, Yogi Complex, 44, Sampatrao Colony, Alkapuri, Vadodara, Gujarat – 390007 B 01.00261 June 09, 1998 January 19, 2021 2 M/s Durlav Financ
The Reserve Bank of India (RBI), 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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Vrundavan Securities Limited 202, Yogi Complex, 44, Sampatrao Colony, Alkapuri, Vadodara, Gujarat – 390007 B 01.00261 June 09, 1998 January 19, 2021 2 M/s Durlav Financ
ਅਪ੍ਰੈ 27, 2021
Two NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India (RBI): Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Balaji Instalments Supply Limited 280, Goyal Complex, Bans Mandi, Bareilly, Uttar Pradesh- 243005 B-12.00267 November 02, 2015 February 22, 2021 2 M/s Sugam Commodeal Pvt. Ltd. 54/3, 1st Cross, Ejipura Main Road, Vivek Nagar, Bengaluru, Karnataka – 560047
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India (RBI): Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Balaji Instalments Supply Limited 280, Goyal Complex, Bans Mandi, Bareilly, Uttar Pradesh- 243005 B-12.00267 November 02, 2015 February 22, 2021 2 M/s Sugam Commodeal Pvt. Ltd. 54/3, 1st Cross, Ejipura Main Road, Vivek Nagar, Bengaluru, Karnataka – 560047
ਅਪ੍ਰੈ 15, 2021
Constitution of the Regulations Review Authority 2.0
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
ਮਾਰਚ 31, 2021
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning April 1, 2021
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 1, 2021 will be 7.81 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the averag
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 1, 2021 will be 7.81 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the averag
ਮਾਰਚ 23, 2021
Reserve Bank of India imposes monetary penalty on Sonata Finance Private Limited
The Reserve Bank of India (RBI) has, by an order dated March 23, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Sonata Finance Private Limited, Lucknow, Uttar Pradesh (the company), for non-compliance with certain provisions of the directions issued by RBI on ‘Pricing of Credit’ contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This pena
The Reserve Bank of India (RBI) has, by an order dated March 23, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Sonata Finance Private Limited, Lucknow, Uttar Pradesh (the company), for non-compliance with certain provisions of the directions issued by RBI on ‘Pricing of Credit’ contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This pena
ਮਾਰਚ 22, 2021
Reserve Bank of India imposes monetary penalty on Koyana Sahakari Bank Limited, Karad, Satara, Maharashtra
The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2021, a monetary penalty of ₹6 lakh (Rupees Six lakh only) on Koyana Sahakari Bank Limited, Karad (the bank) for contravention of the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulatio
The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2021, a monetary penalty of ₹6 lakh (Rupees Six lakh only) on Koyana Sahakari Bank Limited, Karad (the bank) for contravention of the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulatio
ਮਾਰਚ 22, 2021
Reserve Bank of India imposes monetary penalty on Fedbank Financial Services Limited
The Reserve Bank of India (RBI) has, by an order dated March 22, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Fedbank Financial Services Limited, Mumbai (the company) for non-compliance with certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in “Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clau
The Reserve Bank of India (RBI) has, by an order dated March 22, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Fedbank Financial Services Limited, Mumbai (the company) for non-compliance with certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in “Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clau
ਫ਼ਰ 08, 2021
RBI releases Annual Report of Ombudsman Schemes, 2019-20
The Reserve Bank of India (RBI) today released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. The Annual Report covers the activities under the Banking Ombudsman Sch
The Reserve Bank of India (RBI) today released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. The Annual Report covers the activities under the Banking Ombudsman Sch
ਫ਼ਰ 03, 2021
Risk Based Internal Audit (RBIA) in NBFCs/UCBs
RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA). Accordingly, a circular on RBIA covering all deposit taking Non-Banking Financial Companies (NBFCs); all non-deposi
RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA). Accordingly, a circular on RBIA covering all deposit taking Non-Banking Financial Companies (NBFCs); all non-deposi
ਜਨ 22, 2021
RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date. Feedback on the Discussion Paper may be forwarded to: The Chief General Manager-in-C
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date. Feedback on the Discussion Paper may be forwarded to: The Chief General Manager-in-C
ਜਨ 07, 2021
RBI cancels Certificate of Registration of Three NBFCs
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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 Abhinav Hire Purchase Limited Station Road, Ujhani, Budaun, Uttar Pradesh – 243639 A-12.00384 June 20, 2008 November 17, 2020 2 Jupiter Management Services Private Limited 1324,
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 Office Address CoR No. CoR Issued On Cancellation Order Date 1 Abhinav Hire Purchase Limited Station Road, Ujhani, Budaun, Uttar Pradesh – 243639 A-12.00384 June 20, 2008 November 17, 2020 2 Jupiter Management Services Private Limited 1324,
ਜਨ 07, 2021
Six NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 Raghukul Trading Private Limited (formerly Raghukul Properties & Investmen
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 Raghukul Trading Private Limited (formerly Raghukul Properties & Investmen
ਜਨ 05, 2021
Reserve Bank of India imposes monetary penalty on Bajaj Finance Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company - Systemically Important Non-Deposit taking Comp
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company - Systemically Important Non-Deposit taking Comp
ਦਸੰ 31, 2020
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning January 1, 2021
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning January 1, 2021 will be 7.96 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning January 1, 2021 will be 7.96 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
ਦਸੰ 09, 2020
RBI releases Draft Circular on Declaration of Dividend by NBFCs
In pursuance of the announcements made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020. Feedback on the Draft Circular may be forwarded to: The Chief General Manager, Reserve Bank of India, Department of Regul
In pursuance of the announcements made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020. Feedback on the Draft Circular may be forwarded to: The Chief General Manager, Reserve Bank of India, Department of Regul
ਨਵੰ 19, 2020
Reserve Bank of India imposes monetary penalty on Muthoot Finance Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on Muthoot Finance Limited, Ernakulam (the company), for non-compliance with directions issued by RBI on maintenance of Loan to Value ratio in gold loans and on obtaining copy of PAN card of the borrower while granting gold loans in excess of ₹ 5.00 lakh, contained in Non-Banking Financial Company - Systemically Important Non-Depos
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on Muthoot Finance Limited, Ernakulam (the company), for non-compliance with directions issued by RBI on maintenance of Loan to Value ratio in gold loans and on obtaining copy of PAN card of the borrower while granting gold loans in excess of ₹ 5.00 lakh, contained in Non-Banking Financial Company - Systemically Important Non-Depos
ਨਵੰ 19, 2020
Reserve Bank of India imposes monetary penalty on Manappuram Finance Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Manappuram Finance Limited, Thrissur (the company), for non-compliance with directions issued by RBI on verification of ownership of gold jewellery, contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This penalty has been impo
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Manappuram Finance Limited, Thrissur (the company), for non-compliance with directions issued by RBI on verification of ownership of gold jewellery, contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This penalty has been impo
ਨਵੰ 18, 2020
Reserve Bank of India imposes monetary penalty on Nissan Renault Financial Services India Private Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Nissan Renault Financial Services India Private Limited, Chennai, for non-compliance with RBI directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs. This penalty has been impo
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Nissan Renault Financial Services India Private Limited, Chennai, for non-compliance with RBI directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs. This penalty has been impo
ਅਕਤੂ 29, 2020
RBI cancels Certificate of Registration of Seven NBFCs
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 Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Malpani Financial Services Private Limited Malpani House, Marwari Patty, Jorhat, Assam- 785001 B.08.00101 July 27, 2000 August 27, 2020 2 Vishav Dealer Private Limited
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 Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Malpani Financial Services Private Limited Malpani House, Marwari Patty, Jorhat, Assam- 785001 B.08.00101 July 27, 2000 August 27, 2020 2 Vishav Dealer Private Limited
ਅਕਤੂ 29, 2020
Two NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Snehalata Finance Limited 6-3-871, Snehalata Complex, Greenlands Ro
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Snehalata Finance Limited 6-3-871, Snehalata Complex, Greenlands Ro
ਸਤੰ 30, 2020
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning October 1, 2020
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 1, 2020 will be 8.12 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 1, 2020 will be 8.12 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the aver
ਸਤੰ 24, 2020
Reserve Bank of India imposes monetary penalty on Shriram City Union Finance Limited
The Reserve Bank of India (RBI) has imposed, by an order dated September 23, 2020, a monetary penalty of ₹5 lakh (Rupees Five Lakh only) on Shriram City Union Finance Limited, Chennai (the company), for non-compliance with directions issued by RBI on verification of the ownership of gold jewellery contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and on reporting of
The Reserve Bank of India (RBI) has imposed, by an order dated September 23, 2020, a monetary penalty of ₹5 lakh (Rupees Five Lakh only) on Shriram City Union Finance Limited, Chennai (the company), for non-compliance with directions issued by RBI on verification of the ownership of gold jewellery contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and on reporting of
ਅਗ 31, 2020
Nine NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Atna Investments Private Limited (Presently known as Atna Investmen
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Atna Investments Private Limited (Presently known as Atna Investmen
ਅਗ 31, 2020
RBI cancels Certificate of Registration of Nineteen NBFCs
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 Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 MVA Finance Private Limited 102, Akashdeep Building, 26A, Barakhamba Road, New Delhi – 110001 14.00684 April 24, 1998 March 16, 2020 2 Apka Sahyog Finance & Mercan
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 Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 MVA Finance Private Limited 102, Akashdeep Building, 26A, Barakhamba Road, New Delhi – 110001 14.00684 April 24, 1998 March 16, 2020 2 Apka Sahyog Finance & Mercan
ਜੂਨ 30, 2020
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning July 1, 2020
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2020 will be 8.61 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2020 will be 8.61 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average
ਮਈ 19, 2020
Nine NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Distributors (Bombay) Pvt. Ltd. (Formerly known as Distributors (Bo
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. 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 therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 Distributors (Bombay) Pvt. Ltd. (Formerly known as Distributors (Bo
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