The Certificate of Registration of four non-banking financial organizations has been revoked, the Reserve Bank of India (RBI) announced on Tuesday (NBFCs).
Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited), Williamson Magor & Co. Ltd, Galaxy Capital Finance Limited, and SRS Finance Limited are among the NBFCs whose Certificate of Registration has been revoked.
The following companies’ certificates of registration have been revoked by the Reserve Bank of India in accordance with Section 45-IA (6) of the Reserve Bank of India Act, 1934, according to a statement from the RBI.
On June 8, 2022, the RBI issued a cancellation order for Kanva Shree Credit Private Limited (formerly MCI Leasing Private Limited).
The cancellation order was issued for the other three NBFCs on June 29, 2022, according to the RBI. In the meantime, the Reserve Bank of India (RBI) fined Ola Financial Services Private Limited (the entity).
Rs. 1,67,80,000 for failing to comply with certain requirements of the Master Directions on PPIs dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016.
(as updated from time to time). The fine was issued in accordance with the authority granted to the RBI under Section 30 of the Payment and Settlement Systems Act of 2007. This action is taken because to a lack of regulatory compliance and is not meant to judge the legality of any agreements or transactions the organisation has with its clients.
The entity was found to be in violation of the KYC standards set forth by the RBI. As a result, a notification was sent to the organisation asking it to provide justification for not imposing a fine for failing to follow the instructions. After taking into account the entity’s response.
RBI came to the conclusion that the aforementioned accusation of failing to follow RBI instructions was true and called for the implementation of a financial penalty.
India’s Mumbai (Maharashtra), July 12 (ANI): The Certificate of Registration of four non-banking financial organisations has been revoked, the Reserve Bank of India (RBI) announced on Tuesday (NBFCs).
Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited), Williamson Magor & Co. Ltd, Galaxy Capital Finance Limited, and SRS Finance Limited are among the NBFCs whose Certificate of Registration has been revoked.
The following firms’ certificates of registration have been revoked by the Reserve Bank of India in accordance with Section 45-IA (6) of the Reserve Bank of India Act, 1934, according to a statement from the RBI.
On June 8, 2022, the RBI issued a cancellation order for Kanva Shree Credit Private Limited (formerly MCI Leasing Private Limited).
The cancellation order was issued for the other three NBFCs on June 29, 2022, according to the RBI. (ANI)
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