M/s Vijaya Finance Ltd

The Reserve Bank of India cancelled the certificate of registration of nine non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The listed companies are M/s The Instalment Supply Limited, M/s Sunshine Finlink Limited, M/s Link Benefit Fund Limited, M/s Mani and Money Limited, M/s Hanumangarh Finvest Pvt. Ltd., M/s Vijaya Finance Ltd., M/s Westend Management Technologies Pvt. Ltd., M/s HNM Leasing and Finance Private Limited, and M/s Paras Hire Purchase Company (India) Private Limited (presently M/s Paras Hire Purchase Company (India) Limited). Following cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.

All nine companies are prohibited from conducting NBFC business going forward. This directly affects the entities and their customers/counterparties, as the firms can no longer operate as registered non-banking financial institutions.