The Reserve Bank of India (RBI) has cancelled licenses of Non-Banking Financial Companies (NBFCs) for failing to meet regulatory norms.
According to the amendment in the RBI Act of 1997, the central bank had mandated the minimum capital requirement for NBFCs at ₹ 25 lakh. The requirement was increased to ₹ 2 crore for new NBFCs. However, the old ones were allowed to continue with the earlier capital requirement until RBI issued a revised regulatory framework in 2014. Under this, it had set a deadline for all NBFCs to reach the minimum net owned fund of ₹2 crore before 31 March 2017.
A majority of the licenses belong to NBFCs, which had failed to meet RBI’s requirement of net owned fund of ₹ 2 crore. There are still a large number of NBFCs that have not been able to reach that level, and the RBI is cancelling their registration. In fact, some NBFCs had surrendered their certificates of registration.
Apart from this, The Financial Intelligence Unit (FIU) classified close to 4,135 NBFCs registered with RBI as non-compliant under the Prevention of Money Laundering Act (PMLA) as of 31 July. FIU also highlighted that these NBFCs had failed to appoint principal officers and report all suspicious and cash transactions of over ₹10 lakh to the FIU.
| RBI cancels Certificate of Registration of NBFCs | |||||
| The Reserve Bank of India, in 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. | |||||
| Sr. No. | Name of the Company | Office Address | CoR No. | Issued On | Cancellation Order Date |
| 1 | Deora Finance Pvt. Ltd. | 31, Hariram Goenka Street, 1st Floor, Kolkata-700 007, West Bengal | 5.01175 | March 21, 1998 | July 04, 2018 |
| 2 | Kamdhenu Lefins Pvt. Ltd | Unit-1/1 Vanasittart Row, Kolkata 700 001, West Bengal | 5.0102 | March 19, 1998 | July 04, 2018 |
| 3 | Radhakishan Jhunjhunwala Investments Pvt. Ltd. | 4, Clyde Row, Hastings, Kolkata-700 022, West Bengal | B.05.06733 | February 20, 2008 | July 04, 2018 |
| 4 | Abhiyan Holdings Private Limited | 119-B, C R Avenue, Ground Floor (near Mohammed Ali Park), Kolkata 700 073, West Bengal | B-05.04805 | March 19, 2003 | July 04, 2018 |
| 5 | Abhinand Investments Ltd. | 119-B, Chittaranjan Avenue, Ground Floor Kolkata 700 073, West Bengal | 5.00086 | February 18, 1998 | July 04, 2018 |
| 6 | Kshitish Trading Co. Ltd. | 31, Alexandra Court, Second Floor, 60/1, Chowringhee Road, Kolkata 700020, West Bengal | 5.01675 | April 22, 1998 | July 04, 2018 |
| 7 | Finance Exchange (India) Limited | P R N House, 177, Mahatma Gandhi Road, Kolkata-700007, West Bengal | B.05.06741 | March 06, 2008 | July 04, 2018 |
| 8 | Ceekay Securities & Financial Services Pvt. Ltd | 3, Chittaranjan Avenue, Kolkata-700 072, West Bengal | 5.00647 | March 05, 1998 | July 06, 2018 |
| 9 | Seminary Tie-up Pvt. Ltd. | 46, B.B. Ganguly Street, 1st Floor, Room No. 4, Kolkata-700012, West Bengal | 5.02272 | May 16, 1998 | July 06, 2018 |
| 10 | Heera Metal & Finance Private Limited | 143/1/1, Cotton Street, Kolkata-700007, West Bengal | B.05.05532 | April 08, 2003 | July 10, 2018 |
| 11 | Padmavati Commercial Credits Private Limited | H. No. 7/1/414/37, Srinivasa Colony East, Ameerpet, Hyderabad, Telangana-500 038 | B-09.00343 | May 07, 2001 | July 11, 2018 |
| 12 | Panjbakhtar Finance Limited | Shop No. 5, Plot No. 35, Yard No.6, Transport Nagar, Narwal, Jammu 180 006 | B-1100054 | June 23, 2005 | July 12, 2018 |
| 13 | Luckydoor Hire Purchase Finance Private Limited | 18/458, A1 Floor, E G Complex, Kodungallur Road, Tana, Thrissur, Kerala-680 121 | B-16.00095 | February 20, 2002 | July 13, 2018 |
| 14 | Verinder Finance Private Limited | Hall no. 216, B-2, 2nd Floor, South Block, Bahu Plaza, Jammu-180 012 | A-1100040 | December 29, 2000 | July 16, 2018 |
| (Presently known as Verinder Finance Limited) | |||||
| 15 | Mothola Company Limited | 707, Central Plaza, 2/6, Sarat Bose Road, Kolkata-700 020, West Bengal | 5.02732 | July 29, 1998 | June 30, 2018 |
| 16 | Multimine Distributors (P) Ltd. | 194, Jamuna Lal Bajaj Street, Kolkata-700 007, West Bengal | 5.01869 | April 30, 1998 | June 30, 2018 |
| 17 | Prabhu-Dhan Investment Private Limited | P-10, New CIT Road, Kolkata-700 073, West Bengal | B.05.04662 | November 22, 2001 | June 30, 2018 |
| 18 | Paramsukh Barter Private Limited | Visakha Apartment, North Block, 4th Floor, 2B, Sambhunath Pandit Street, PS- Bhowanipore, Kolkata-700 020, West Bengal | B.05.04934 | March 05, 2003 | July 03, 2018 |
| 19 | HMS Private Limited | 22, Brabourne Road, 1st Floor, Kolkata-700 001, West Bengal | B.05.01773 | February 12, 2015 | July 04, 2018 |
| 20 | Sreekrupa Financial Services Private Ltd | Centre Point, 21, Hemant Basu Sarani, 2nd Floor, Room No. 226, Kolkata-700 001, West Bengal | B.05.01029 | June 06, 2000 | July 04, 2018 |
| 21 | Srilekha Mercantiles Private Ltd | 2, Garstin Place, 5th Floor, Kolkata- 700 001, West Bengal | 5.00971 | March 18, 1998 | July 04, 2018 |
| 22 | Sumati Industrial Finance Ltd | 31, Alexandra Court, Second Floor, 60/1, Chowringhee Road, Kolkata-700020, West Bengal | 5.02479 | May 20, 1998 | July 05, 2018 |
| 23 | Sarapara Finance & Investment (P) Ltd | 7A, Sir Hariram Goenka Street, 3rd Floor, Kolkata-700 007, West Bengal | 5.0271 | June 11, 1998 | July 06, 2018 |
| 24 | Sungrowth Share & Stocks Private Limited | 14, N S Road, 2nd Floor, Kolkata 700 001, West Bengal | B.05.03435 | March 28, 2001 | July 09, 2018 |
| 25 | Jaycee Securities Private Ltd. | 14, Netaji Subhash Road, 3rd Floor, PS-Burra Bazar, Kolkata-700 001, West Bengal | 5.01138 | March 20, 1998 | July 09, 2018 |
| 26 | Beekaypee Credit Private Limited | 7, Sambhunath Mullick Lane, Kolkata-700 007, West Bengal | B.05.06368 | May 17, 2004 | July 10, 2018 |
| 27 | Rupar Finance Private Limited | Kurali Road, Roop Nagar, Ropar-140 001, Punjab | B-06.00398 | October 08, 2007 | July 20, 2018 |
| 28 | Eka Chakra Hire Purchase & Finance Pvt. Ltd. | 4-2-100, Anil Talkies Road, Bodhan, District-Nizamabad, Telangana-503 185 | B-09.00358 | June 29, 2001 | June 14, 2018 |
| 29 | Tirupati Niryat Ltd. | 16, India Exchange Place, Ground Floor, Kolkata-700 001, West Bengal | 5.01034 | March 19, 1998 | July 04, 2018 |
| 30 | Hemambika Hire Purchase & Leasing Pvt. Ltd. | 20/286, Sree Sakthi Complex, Coimbatore Road, Palakkad, Kerala-678001 | B-16.00034 | September 26, 1998 | May 17, 2018 |
| 31 | NIF Financiers Limited | A-61, Flat No-1, Ground Floor, Gali No. 4, Madhu Vihar, Near Dilli Gate, New Delhi-110 092 | B-06.00350 | September 25, 2000 | July 12, 2018 |
| 32 | Corpus Polychem Ltd. | 30, J L Nehru Road, Park Street, Kolkata-700 016, West Bengal | 5.00675 | March 06, 1998 | June 28, 2018 |
| 33 | Sulabh Vanijya Ltd. | Kanak Buildings, 41 Chowringhee Road, Kolkata-700 071, West Bengal | 5.01839 | April 30, 1998 | June 28, 2018 |
| 34 | Ramnath Projects Limited | 28, Strand Road, 2nd Floor, Kolkata -700 001, West Bengal | 5.00601 | March 03, 1998 | June 29, 2018 |
| 35 | Pushpanjali Securities Management Pvt. Ltd. | 18, Mullick Street, 1st Floor, Kolkata-700 007, West Bengal | 5.00266 | February 19, 1998 | June 30, 2018 |
| 36 | M/s Daksh Vyapaar Private Limited | 7, Narayan Prasad Babu Lane, Kolkata-700 007, West Bengal | 5.02751 | July 30, 1998 | June 30, 2018 |
| 37 | N R Mercantiles Private Limited | 7C, Kiran Shankar Roy Road, Hastings Chambers, 2nd Floor, Room No. 1, Kolkata-700 001, West Bengal | B.05.06146 | February 04, 2004 | July 02, 2018 |
| 38 | Neverloose Properties & Investment Pvt. Ltd. | 133, Canning Street, 1st Floor, Room No. 8, Kolkata-700 001, West Bengal | 5.0026 | February 19, 1998 | July 02, 2018 |
| 39 | Chain Investments Ltd. | 238B, A J C Bose Road, Kolkata- 700 001, West Bengal | 5.01061 | March 19, 1998 | July 03, 2018 |
| 40 | Jinay Investment Co. Pvt. Ltd | 16, India Exchange Place, Ground Floor, Kolkata-700 001, West Bengal | 5.01053 | March 19, 1998 | July 04, 2018 |
| 41 | Coral Commercial Pvt. Ltd. | 12D, Harrington Mansion, 8, Ho Chi Minh Sarani, Kolkata-700 071, West Bengal | B-05.04916 | March 06, 2003 | July 04, 2018 |
| 42 | Karnani Finance Enterprise Ltd. | 4, Netaji Subhas Chandra Bose Road, Tollygunge, Kolkata 700 040, West Bengal | 5.0303 | December 03, 1998 | July 05, 2018 |
| 43 | Narottam Investments & Trading Co.Ltd. | 5, Fancy Lane, 7th Floor, Kolkata-700 001, West Bengal | 5.01963 | May 02, 1998 | July 05, 2018 |
| 44 | Pradip Credit Private Limited | 2G, Judge’s Court Road, Kolkata- 700 027, West Bengal | B-05.04590 | October 12, 2001 | July 06, 2018 |
| 45 | Bascon Consultants (P) Ltd. | 9C, Poonam Building, 9th Floor, 5/2 Russel Street, Kolkata 700 071, West Bengal | B-05.01761 | April 29, 1998 | July 09, 2018 |
| 46 | Ricon Commerce Ltd | 9/1, R N Mukherjee Road (5th Floor), Kolkata 700 001, West Bengal | 5.0036 | February 26, 1998 | July 09, 2018 |
| 47 | Shri Parswa Finvest Limited | 118, Manas Nagar, Shahganj, Agra-282 010, Uttar Pradesh | B.12.00324 | July 14, 2001 | July 12, 2018 |
| 48 | Atrira Finance Private Limited | Shop No.2, Sardari Khera, Alambagh, Lucknow, Uttar Pradesh-226 005 | B-12.00115 | June 20, 2008 | July 13, 2018 |
| 49 | Ranzor Leasing and Finance Company Private Limited | Station Road, Nagina, Bijnor-246 762, Uttar Pradesh | B-12.00215 | August 31, 2000 | July 16, 2018 |
| 50 | Anmol Hire Purchase Private Limited | Sarti Devi Raja Ram Public School, Railway Road, Shamli, Uttar Pradesh 247 776 | 12.00002 | January 28, 1998 | July 19, 2018 |
| 51 | Marvel Financial Services Limited | Flat No. 104-A, Sneha Prabha Apartments, Chinna Thokatta, Opposite Bata showroom, Above bread 2 Kakes Bakery, New Bowenpally, Secunderabad, Telangana-500 011 | B-09.00276 | November 17, 2000 | July 19, 2018 |
| 52 | M/s Govardhan Leafin (India) Limited | H. No. 17-1-39/A/1, Flat No. 102, Fortune Flora Apartments, Laxmi Nagar Colony, Saidabad, Hyderabad, Telangana-500 059 | 9.00083 | March 11, 1998 | July 19, 2018 |
| 53 | Vimalji Investment and Finance Limited | 58, Jain Street, Shikohabad, Firozabad, Uttar Pradesh-205 135 | B.12.00361 | November 02, 2001 | July 20, 2018 |
| 54 | Dev Commercial Pvt. Limited (Present name Sonagold Commercial Private Limited) | 603, Ashiana Plaza, Budh Marg, P.S.-Kotwali, Patna, Bihar-800 001 | B.15.00022 | June 14, 2001 | July 23, 2018 |
| 55 | L R Commercial Pvt. Ltd | 694/1, Lake Town, Block A, PS Lake town, Kolkata 700 089, West Bengal | 5.02212 | May 16, 1998 | July 23, 2018 |
| 56 | Saadhana Innovative Financial Products and Services Limited | Flat No.118, D No. 46/1-K-3F-15, Central Plaza, Beside Ravi Theature, Kurnool- 518 002, Andhra Pradesh | B-09.00179 | June 12, 2007 | June 29, 2018 |
| 57 | Prabanjan Finance Limited | 8-2-269/S/65, Plot No. 65, Road No. 2, Sagar Society, Banjara Hills, Hyderabad-500 034 | B-09.00139 | February 03, 2003 | June 29 2018 |
| 58 | Megacity Viniyog Private Limited | 6, Royd Street, PS-Behala, Kolkata-700016, West Bengal | B-05.05194 | January 22, 2003 | June 30, 2018 |
| 59 | Protra Exim (P) Ltd. | 37, Shakespeare Sarani, S.B. Towers, 4th Floor, Kolkata-700017, West Bengal | 5.01968 | May 02, 1998 | July 02, 2018 |
| 60 | Anjali Tradelink Private Limited | 12/1, Lindsay Street, New Market, Kolkata-700087, West Bengal | B.05.05291 | April 12, 2003 | July 02, 2018 |
| 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. | |||||
Source from: Reserve Bank of India
