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03-23-2012, 08:35 AM #1
RBI cancels licences of three Chennai-based NBFCs
The Reserve Bank of India (RBI) has cancelled registration certificate of three Chennai-based non-banking financial companies (NBFCs).
The central bank, according to separate notifications, has cancelled the licences of Tamil Nadu Water Investment Company, Ashley Holdings and LSP Finance.
While licences of Tamil Nadu Water Investment Company, and Ashley Holdings were cancelled on their voluntary exit to carry out non-banking financial institution (NBFI) activities, licence of LSP Finance was cancelled for carrying business of a NBFI on the supervisory grounds, a statement from RBI said.
The Reserve Bank of India Act, 1934, allows the central bank to cancel the registration certificate of a non-banking financial company.