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| RBI cancels certificate of registration of 7 NBFCs, 14 surrender permits |
Dear Aspirants, EducationBro is here with a Daily Current Affairs Dose. In this session, we will make the candidates aware of the daily current affairs topics, which will improve their general awareness, while also taking care that the candidates should not have any shortage of trending current affairs related to any country and abroad. Today’s Current Affairs topic is RBI cancels certificate of registration of 7 NBFCs, 14 surrender permits.
Our Daily Current Affairs Dose 2023 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.
RBI cancels certificate of registration of 7 NBFCs, 14 surrender permits
RBI cancels certificate of registration of 7 NBFC: The Reserve Bank of India (RBI) has cancelled the registration certificates of seven Non-Banking Finance Companies (NBFCs).
The NBFCs whose certificate of registration was cancelled were
- Coorg Tea Company
- Trimurthi Finvest
- East West Finvest India
- J.V. Modi Securities
- K K Patel Finance
- Purvi Finvest
- Genfin Capital
As per the RBI these NBFC companies shall not transact the business of a Non-Banking Financial Institution.
According to the press release issued by RBI, 14 Non-Banking Financial Companies (NBFC) surrendered their licence, which are as follows.
1. Lunia Trading & Investment Pvt. Ltd
2. Swastik Goods and Suppliers Pvt. Ltd
3. Icseva Finance Pvt. Ltd
4. Gipsy Management Pvt Ltd
5. Shiba Fabspin Pvt. Ltd.
6. Esar Entrade Ltd
7. Maba Corporate Services Pvt. Ltd
These Seven companies surrendered their licence because of exit from Non-Banking Financial Institution (NBFI) business.
8. L&T Infrastructure Development Projects Limited
9. Josan Deposits and Advances Limited
These two NBFC surrendered due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration.
10. Melinex Investment and Finance Pvt. Ltd
11. Casablanca Broking & Agency Pvt. Ltd
12. Janpragati Syntex Pvt Ltd
13. Nalimbur Mercantile Pvt Ltd
14. Wondermax Mercantile Pvt Ltd
These five NBFC surrendered permits due to ceasing to be a legal entity due to amalgamation/merger/dissolution/ voluntary strike-off.
About Non-Banking Financial Company (NBFC)
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.
A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).
About Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Important facts for upcoming exams from the above Current Affairs Topic
- Establishment of Reserve Bank of India (RBI): 1 April 1935
- Headquarters of RBI: Mumbai, Maharashtra, India
- Governor of RBI: Shaktikanta Das
- Deputy Governor of RBI: Mahesh Kumar Jain, Dr. M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
- Ownership of RBI: Ministry of Finance , Government of India
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