As per a recent RBI announcement, 10 NBFCs (Non- Banking Financial Companies) surrendered their registration certificate to the central bank. Further, RBI has also cancelled the registration certificate of another 9 NBFCs. So, a total of 19 non-banking financial corporations (NBFCs) will not be able to conduct banking transactions.
The NBFCs which surrendered their registration certificate are Shree Sankari Benefit Funds, Sahyog Credits, M K W Finance, Wham Investments, Pinnacle Trades and Investments, Kalyani Mfg and Leasing, Shasun Leasing and Finance and M CT M Global Investments.
Moreover, NBFCs whose registration certificate was cancelled by RBI include Paras Hire Purchase Company, Sunshine Finlink, Instalment Supply, Mani and Money, Vijaya Finance, HNM leasing and Finance, Hanumangarh Finvest, Link Benefit Fund and Westend Management Technologies.
The above mentioned 19 companies are no longer legally authorised to continue their business as a non-banking financial institution.