Back to Career News

Close to 1,500 NBFCs Were Shut Down by RBI in 2 Years

December 29, 2018

Close to 1,500 NBFCs Were Shut Down by RBI in 2 Years
In the past two years, the Reserve Bank of India canceled the registration of 1,490 Non-Banking Financial Companies (NBFCs) as they failed to comply with the set norms, or otherwise surrendered registration of their own accord. With 617 cancellations, Kolkata tops the list and is followed by New Delhi that saw 203 cancellations. The third city with most cancellations is Mumbai at 190.
 
Many of the NBFCs whose licenses were canceled were due to them not following the norms that include maintenance of net-owned funds of at least 20 million INR, providing fake addresses, etc.
 
Photo credit: markhillary on Visual hunt / CC BY

Recommended for you ...

Reserve Bank to promote rupee as preferred currency for global trade
Reserve Bank to promote rupee as preferred currency for global trade

August 09, 2022

IDFC First Bank partners LetsVenture to support start-ups
IDFC First Bank partners LetsVenture to support start-ups

August 09, 2022

SFB allowed to offer more forex products
SFB allowed to offer more forex products

August 09, 2022

Chat on WhatsApp