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RBI cancels registration of 65 NBFCs – Due to non-maintenance of minimum capital

RBI cancels registration of 65 NBFCs – Due to non-maintenance of minimum capital-corpseed.jpg

Unlike the general media reports (CLICK TO OPEN), RBI has not canceled the registrations of the NBFC’s due to Unspecific reasons

BUT

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;

This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.

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Author
Shamshad Alam
Experienced Digital Marketer with a demonstrated history of working in the internet industry. He likes to write about the latest technology trends, Skilled in Digital Marketing likes. Search Engine Optimization, SMO, SEM, PPC, Content Writing, and, Designing, etc.