RBI cancels registration of 65 NBFCs – Due to non-maintenance of minimum capital
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Unlike the general media reports (CLICK TO OPEN), RBI has not canceled the registrations of the NBFC’s due to Unspecific reasons
DUE TO NON-COMPLIANCE SPECIFICALLY WITH THE MINIMUM CAPITAL REQUIREMENTS AS PER SECTION 45-IA OF THE RESERVE BANK OF INDIA ACT, 1934.
Following are the Links of the notifications issued by RBI on 16-11-2018 mentioning the reasons for cancellation for reference(s): (click to open)
RBI follows strict policies and procedures before the cancellation of any certificates of registrations:
Regular (periodic) notices are sent to the registered offices and registered emails of the non-compliant NBFC’s;
Show cause notices are issued to these NBFC’s seeking the reason as to why the NBFC’s shall not be canceled;