Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies: M/s The Metropolitan Finance Private Limited (presently known as The Metropolitan Finance Limited) and M/s Singhland Investments Limited (previously known as M/s Baba Finance Private Limited). The action was taken under Section 45-IA(6) of the RBI Act, 1934. The press release does not disclose a detailed misconduct narrative, but it makes clear that the companies are no longer permitted to transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.