RBI Cancels Registration of 4 NBFCs
Moneylife Digital Team 18 December 2024
The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of four non-banking financial companies (NBFCs), including two from Tamil Nadu and one each from Chhattisgarh and Uttar Pradesh (UP). RBI did not share reasons for cancelling the registration of these four NBFCs. 
 
NBFCs, whose registration has been cancelled by RBI, include: Tamil Nadu-based PVP Capital Ltd and Rain Bow Finance India Ltd, Chhattisgarh-based Marwah Finance Pvt Ltd and Uttar Pradesh-based Ram Alloy Castings Pvt Ltd.
 
The Tamil Nadu-based companies PVP Capital and Rain Bow Finance India had their registrations revoked on 21 November 2024. PVP Capital was initially registered on 23 May 2002, while Rain Bow Finance India was registered on 11 March 1998.  
 
Chhattisgarh-based Marwah Finance, which received its registration on 31 October 2017, had its CoR cancelled by RBI on 11 November 2024. Meanwhile, Ram Alloy Castings, based in Uttar Pradesh, had its registration cancelled effective from 26 November 2024.  
 
Following the cancellation of their registrations, these companies are no longer permitted to operate as non-banking financial institutions. This decision is part of RBI's ongoing efforts to ensure compliance and maintain the stability of the financial system, the central bank says. 
Comments
srkanna73
4 weeks ago
When will RBI fine
and cancel licence of Equitas bank and Cholamandalam investment for adopting immoral inhumane soulless tactics. 1.Equitas bank manipulated fraudulently and collected upto 23% interest instead of 10.25% agreed.

2.Cholamandalam inspite of paying emi for 5years promptly to the tune of ?23lakhs for the ?30lakhs loan never served statement. Furthe when demanded soa only after collecting ?590 provided soa. But no transparency. No bal reflecting for each credit just showing summary bal.

Further cholamandalam soa showing more than the principal loan amount. When questioned staff mocking drt, RBI, grievance officer in their pockets served plumpy purses so even a finger cannot be moved against them. Written to ombudsman RBI fin minister. No justice.bribe wins.mafia

Frustrated depressed distressed seeking justice. All proof sub
abhishantprasad
4 weeks ago
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raveendren666
4 weeks ago
Please merge it to strong NB FC co so that our economy and stock market will grow stronger to wisdom country.
abhishantprasad
4 weeks ago
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abhishantprasad
4 weeks ago
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gpray.1977
1 month ago
Also RBI must cancel YES Finance Service NBFC regd.. it is a Gujrat Based company.
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