Sources in the banking sector says that these NBFCs did not meet the norm required to function as NBFCs
National banking watchdog, the Reserve Bank of India (RBI), recently cancelled the registration of 32 Non-Banking Finance Companies (NBFCs), of which 12 are from Ahmedabad. Sources in the banking sector said that these NBFCs did not meet the norm required to function as NBFCs.
Those from the city include Ashit Leasing and Finance Company Private Limited (previously Ashit Leasing and Finance Company Limited), Essenar Investments Private Limited, Madhu Enterprises Limited, Madhumalti Capital Private Limited, Manan Financial Services Private Limited, Nir Finance Limited, Omrim Securities Limited, Prima Financial Services Limited, Shree Western Capital and Securities Private Limited, Roselabs Finance Limited, Sarabhai Holdings Private Limited, Satupa Finance Private Limited and The Kamdhenu Finance Company Private Limited (previously known as Vidyasagar Fincap Pvt. Ltd.)
"The Reserve Bank of India, in the 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," said a statement from RBI. "As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934," said the statement.
A credible source in the know of things said that since these companies did not meet the norm like required 'Net Owned Funds' and others, their registration is cancelled.
Apart from Ahmedabad, NBFCs from Surat, Vadodara, Rajkot, Bhavnagar, Botad, Nadiad, Gandhidham and even Vallabh Vidyanagar.
BAD NEWS
RBI, while exercing powers conferred on it under Section 45-IA (6) of the RBI Act, cancelled the Certificate of Registration of several companies.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "RBI")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}