RBI cancels registration certificate of 56 NBFCs

The Reserve Bank has cancelled registration certificates of 56 NBFCs, including that of Bajaj Finserve, ABNL Investment Ltd, following which the companies would not be able to transact business as a non-banking financial institution.
"The Reserve Bank (RBI) has cancelled the certificate of registration of the 56 non-banking financial companies (NBFCs)," RBI said in a release today.
Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution, it added.
Out of these NBFCs, as many as 16 are based out of Kolkata; 14 are Mumbai-based, three belong to Chennai and while one is based out of New Delhi.

Others are based in Gujarat(Ahmedabad), Assam, Punjab, Rajasthan, Karnataka, Kerala, Maharashtra, Uttar Pradesh and Andhra Pradesh.
The release did not specify any reason for cancellation of the registration certificate.