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ARTICLE · 01 AUGUST 2024

AKP Banking & Finance Digest- July 29, 2024

AK & Partners
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Eight Non-Banking Financial Companies ("NBFCs") have surrendered their Certificate of Registration (CoR) granted to them by the Reserve Bank of India ("RBI").

IndiaFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. Eight NBFCs surrender their Certificate of Registration to RBI

Eight Non-Banking Financial Companies (“NBFCs”) have surrendered their Certificate of Registration (CoR) granted to them by the Reserve Bank of India (“RBI”). In exercise of its powers under Section 45-IA (6) of the Reserve Bank of India Act, 1934, RBI has therefore cancelled their CoR. The reasons for surrendering their NBFC Certificate are: (a) Exit from Non-Banking Financial Institution (NBFI) business; and (b) NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc. RBI

1.1.2. RBI imposes monetary penalty on three Payment System Operators

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