Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Psychotropics Leasing and Finance Private Limited, Saan Popular Finance Private Limited, Classic Leafin Private Limited, and Alka Mercantile Private Limited (now known as Surbhi Mercantile Private Limited). The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, these companies are barred from transacting business as non-banking financial institutions under Section 45-I(a) of the Act.