RBI cancels certificate of registration of CC

Mumbai, May 8 (UNI) The Reserve Bank of India (RBI) has cancelled the certificate of registration granted to Confidence Credit and Investment Limited (CC&IL), Chennai, for carrying on the business of a non-banking financial institution.

Following the cancellation of its registration certificate, CC&IL cannot transact the business of a non-banking financial institution any more, a release issued here today said.

The cancellation by the RBI was done under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934, by which the apex bank can cancel the registration certificate of a non-banking financial company, the release added.

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