The Reserve Bank of India (RBI) has cancelled the certificate of registration of the four non-banking financial companies (NBFCs).
• RBI has cancelled the certificate of registration in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
• Company whose certificate of registration has been cancelled are
• Neelanjali Engineering Private Limited,
• Novoflex Tradecom Private Limited '
• Guide Investments and
• Trading Co. Pvt.
• RBI commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.
• The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.
• Following India's independence on 15 August 1947, the RBI was nationalized on 1 January 1949.