RBI Cancels Registration of three NBFIs

Mumbai, June 22: The Reserve bank has cancelled registration of three Delhi-based financial companies for carrying on business of a Non-banking Financial Institution (NBFI).

Following the cancellation, these firms won't be able to operate as a NBFIs, said RBI.

These firms include S&I International Private Limited, KVF Securities Private Limited and Bhawani Fincap Private Limited.

The banking regulator has taken action against the companies under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act in 1934, said a RBI statement.

The activities of NBFIs include financing of any activity other than its own, carrying on of any class of insurance business, conducting or supervising of chits.

UNI