The Reserve Bank of India (RBI) has taken many strict steps in the last month of the year. 18th December In a press release issued on 27 Certificate of Registration (COR) Cancelled. These companies will no longer be allowed to do business. Besides, RBI has also lifted restrictions on two companies.
License canceled companies
Among the four NBFCs whose licenses were canceled by RBI: Tamil Nadu, Uttar Pradesh, and Chhattisgarh Companies include:
- Marwah Finance Private Limited (Raipur, Chhattisgarh)
- Ram Alloy Casting Private Limited (Kaushambi, Ghaziabad, Uttar Pradesh)
- PVC Capital Limited (Chennai, Tamil Nadu)
- Rainbow Finance India Limited (Kanchipuram, Tamil Nadu)
These companies are no longer allowed to provide financial services.
Two companies got relief
- ECL Finance Limited:
The company was prohibited from undertaking structured transactions in respect of its wholesale exposures. Now this restriction has been lifted. - Edelweiss Reconstruction Company Limited:
The company was prevented from acquiring financial assets and reorganizing existing security receipts. After following RBI guidelines and addressing concerns, these restrictions were removed.
impact on common people
- Companies whose licenses have been canceled will no longer be able to provide financial services.
- With the lifting of the ban ECL Finance Limited And Edelweiss Reconstruction Company Limited Has got a chance to run his business smoothly.
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