10 September 2016 Current Affairs: The Reserve Bank of India (RBI) has cancelled the certificate of registration of five non-banking financial companies (NBFCs) on 8 September 2016.
Now, these companies will not be able to transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.The cancelled non-banking financial companies (NBFCs) are
- Simco Consultants Private Limited
- Lunkad Securities Ltd
- Rajvir Marketing and Investment Private Limited
- Crystal Investments Limited
- Jaya Investments Agency Limited (formerly known as Arcot Finance & Agency Limited)
The certificates were cancelled in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.