Case Brief
What Happened
The Reserve Bank of India cancelled the Certificates of Registration of six NBFCs, namely GE Strategic Investments India (GESII), Profound Exports Private Limited, Two Brothers Holding Limited, Swank Services Private Limited, Praxis Consulting and Information Services Private Limited, and Credible Microfinance Ltd. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, these entities cannot transact the business of a non-banking financial institution.