ENA Economy 2017-04-19 05:55:25 <p><strong>Mumbai, Apr 19 (KNN)</strong> Reserve Bank of India (RBI) has cancelled the certificates of as many as 4 Non-Banking Finance Certificates (NBFCs) while 20 of them have surrendered their Certificate of Registration.</p> <p>RBI said that these companies cannot transact the business of Non-Banking Financial Institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.</p> <p>The 4 NBFCs whose Certificate of Registration have been cancelled are Mumbai based Mumbai Discount Finance Private Limited; Sambalpur (Odisha) based Sanjay Villa Pvt. Ltd. (Presently M/s BISWA Microfinance Pvt. Ltd.); New Delhi based Multani Motor Finance Limited; and Gandhipuram, Coimbatore based Jain Sons Marketing and Investment Limited.</p> <p>The 20 NBFCs which have surrendered the Certificate of Registration are - Akansha Consultancy Services Limited; Escorts Automotives Private Limited; Goldmine Shares &amp; Finance Private Limited; Remedy Finance Private Limited; Akshay Mercantile Private Limited; Profitline Securities Private Limited; Shantiniketan Financial Services Private Limited; Topsia Estates Private Limited; Sampurn Impex Private Limited; Gujarat Lease Financing Limited; Jagajyoti Finance Limited; Akshay Stocks &amp; Credits Limited; Hotel Ambassador Buildings Private Limited; TPW Engineering Private Limited (Presently TPW Engineering Limited); Rabo India Finance Limited; Abirami Hire-Purchase Finance Private Limited, Madurai; A.T.F. Aishwarya Finance Limited; Nyle India Investments Private Limited; Chik India Investments Private Limited; and Kranes India Investments Private Limited.</p> <p>Meanwhile, Kotak Mahindra Bank has recently received certificate of registration from RBI for commencing business of its subsidiary Kotak Infrastructure Debt Fund as a non-banking financial institution infrastructure debt fund (NBFC-IDF). <strong>(KNN Bureau)</strong></p> 16864 http://knnindia.co.in/news/newsdetails/economy/rbi-cancels-certificates-of-4-nbfcs-20-surrender-their-registration 2017-04-19 05:55:25 knnindia.co.in