Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of three non-banking financial companies: Siber Financial Services Private Limited, Sri Vishnu Finance & Investment Private Limited, and Margdarsi Investment and Leasing Company Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934 for carrying on the business of a non-banking financial institution. As a result, the companies cannot transact the business of a non-banking financial institution.