RBI Cancels Registration Of 12 Cos

Mumbai: The Reserve Bank of India has cancelled the certificate of registration of 12 companies, so far, this year. These companies opted to exit from the business of a Non-Banking Financial Institution, said a press release.

While these companies can no longer transact the business of a non-banking financial institution, they are obliged to repay deposits, if any, as per terms and conditions of the contract of deposits, said the RBI note. Of the 12 companies, 11 are based in Kolkata and one in Tirupur, Tamil Nadu.