Mumbai, Mar 25 (UNI) The Reserve Bank of India (RBI) has cancelled the certificate of registration of three Kolkata-based companies, as these companies have opted to exit from the business of a Non-Banking Financial Institution.
Following cancellation of the registration certificate, the companies -- Dipco Limited, Khaitan Estates and Ratanpura Trading, cannot transact the business of a non-banking financial institution.
However, the companies are under an obligation to repay deposits, if any, as per terms and conditions of the contract of deposits.
Under powers conferred in Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
UNI AR RN AG2056