Reserve Bank of India (RBI) on Thursday said that 14 non-banking finance companies (NBFCs) have surrendered their certificate of registration.
These NBFCs include Shivam Hire Purchase & Finvest, Sun Finlease (Gujarat), Chitrakoot Motor Finance and Alkan Fiscal Services among others.
As many as 10 of these NBFCs have surrendered their licence due to exit from the non-banking financial institution (NBFI) business.
These 10 NBFCs are TMF Business Services Limited (formerly Tata Motors Finance), Shivam Hire Purchase & Finvest, Shree Shanti Trades, Adroit Commercial, Sun Finlease (Gujarat), Chitrakoot Motor Finance, VIP Finstock, Dhruvtara Finance Services, Saija Finance and Micrograam Marketplace.
The other four NBFCs have surrendered their licence as they ceased to be legal entities due reasons such as amalgamation, dissolution or voluntary strike-off.
Also read | Exposure of banks’ mutual funds to NBFCs increased in August: CARE Ratings
Also read | NBFCs leaning more heavily on banks to raise funds
