RBI cancels Certificate of Registration of 4 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Nanma Chits and Financiers Limited, Chidrupi Financial Services Limited, Goldline Financial Services Ltd., and Kailash Auto Finance Limited. The order was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies must not transact NBFC business going forward.
The Reserve Bank of India cancelled the Certificate of Registration of four companies under Section 45-IA(6) of the RBI Act, 1934: Nanma Chits and Financiers Limited, Chidrupi Financial Services Limited, Goldline Financial Services Ltd., and Kailash Auto Finance Limited. Following cancellation, the companies are prohibited from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is a severity 5 action.
The four companies can no longer operate as non-banking financial institutions. Any NBFC business carried on by them must stop, and customers/counterparties should not treat them as authorised NBFCs for new business.
Published as Nanma Chits and Financiers Limited
Published as Goldline Financial Services Ltd.
Published as Chidrupi Financial Services Limited
Published as Kailash Auto Finance Limited
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