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.

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