RBI Suspended Licences of 7 NBFCs

Published on Wednesday, August 19, 2015
Recently RBI has suspended licence of 7 NBFC.  Lets learn few facts about it :-
RBI suspended licence of 7 NBFC

  • RBI suspended licence of seven Non - Banking Finance Companies (NBFCs) on 17 August, 2015.
  • RBI has the power to cancel licence if the NBFCs do not fulfill various norms including minimum net owned funds.
  • Around 12,000 NBFCs are running in India.
  • NBFC's not include any institution whose main business is Agricultural Activity, Trading Activity, Industrial Activity, Sale or Purchase or Construction of immovable property.
  • The 7 NBFCs are - Religare Finance, Nott Investments, Artisans Micro Finance, Eden Trade & Commerce, RCS Parivar Finance, Dewra Stocks & Securities, Swetasree Finance.
  • Above NBFCs were suspended by RBI because they did not conducted lending operation for long period of time.

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