The Reserve Bank has cancelled registration certificates of five Tamil Nadu-based non-banking financial companies, barring them from doing business as non-banking financial institutions.
"The Reserve Bank of India has cancelled the certificate of registration of five non-banking financial companies (NBFCs) for carrying on the business of non-banking financial institution," RBI said in a release.
Among five NBFCs, K K P Credits Pvt Ltd is Namakkal based while the rest four -- SKLS Finance, B K T Finance, M C T Finance, and Thanjavur Investment -- are Chennai based firms.
Following cancellation of registration certificate, the companies cannot transact the business of non-banking financial institution, the release said.
