RBI Cancels Licenses of Four Non-Banking Financial Companies (NBFCs)

• The Reserve Bank of India (RBI) has revoked the licenses of four NBFCs.
• These companies are:
  • Kundles Motor Finance Private Limited (Uttar Pradesh)
  • Nithya Finance Limited (Tamil Nadu)
  • Bhatia Hire Purchase Pvt Ltd (Punjab)
  • Jiwanjyoti Deposits and Advances Limited (Himachal Pradesh)
• The RBI acts under Section 45-IA (6) of the RBI Act, 1934, to ensure financial stability.
• Following the cancellation, these firms cannot conduct any Non-Banking Financial Institution (NBFI) activities.
• This move highlights the RBI's commitment to regulatory compliance within the financial sector.