By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Latest World News UpdateLatest World News UpdateLatest World News Update
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Reading: RBI cancels registration of four non-banking financial companies – World News Network
Share
Notification Show More
Font ResizerAa
Latest World News UpdateLatest World News Update
Font ResizerAa
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > RBI cancels registration of four non-banking financial companies – World News Network
Business

RBI cancels registration of four non-banking financial companies – World News Network

worldnewsnetwork
Last updated: April 5, 2024 12:00 am
worldnewsnetwork 1 year ago
Share
SHARE

New Delhi [India], April 5 (ANI): On Friday, the Reserve Bank of India (RBI) cancelled the certificate of registration of four non-banking financial companies.
Those companies are Uttar Pradesh-based Kundles Motor Finance Private Limited, Tamil Nadu-based Nithya Finance Limited, Punjab-based Bhatia Hire Purchase Pvt Ltd, and Himachal Pradeesh-based Jiwanjyoti Deposits and Advances Limited.

These companies will now not be able to transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
In other news, the Reserve Bank of India (RBI) today imposed a monetary penalty of Rs 1 crore on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by the central bank on ‘Loans and Advances – Statutory and Other Restrictions’.
According to an RBI release, this penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, of 1949.
Based on supervisory findings of non-compliance with RBI directions / statutory provisions and related correspondence in that regard, a notice was issued by the RBI to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the charge against the bank was sustained warranting imposition of monetary penalty.
According to RBI, the bank had sanctioned term loans to a public sector undertaking for financing infrastructure projects, without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and the repayment / servicing of the said term loans was made out of budgetary resources.
“The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank,” RBI said. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by

You Might Also Like

AI data centers to drive 11-fold rise in water consumption by 2028: Morgan Stanley – World News Network

Equity market and volatility, Sensex navigates through crises from 1000 to 86,000 journey: Study – World News Network

India Today Group’s MO unveils Gen Z’s boldest podcast – Secret Lives of Teenagers: Swiggy comes on board as presenting partner – World News Network

AI data centers to drive 11-fold rise in water consumption by 2028: Morgan Stanley – World News Network

Equity market and volatility, Sensex navigates through crises from 1000 to 86,000 journey: Study – World News Network

Share This Article
Facebook Twitter Email Print
Previous Article ICG ship Samudra Paheredar, Vietnam Coast Guard conduct joint training on marine oil pollution response – World News Network
Next Article Greaves Cotton Limited enters into a Technology Transfer Agreement with Tsuyo, to manufacture components designed for low-speed 3-wheelers – World News Network
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -

Latest News

AAP leader Manish Sisodia says Punjab govt to allow farmers to clear sand from flood-hit fields – World News Network
National 5 hours ago
Chhattisgarh: Health team crosses swollen river to set up camp in Bijapur village – World News Network
National 5 hours ago
SAD chief Sukhbir Badal convenes emergency meeting on Punjab floods – World News Network
National 5 hours ago
Adhir Ranjan Chowdhury urges Ashwii Vaishnaw to provide toilet facilities in 9 EMU-MEMU trains between Sealdah and Lalgola – World News Network
National 5 hours ago

Sports

Nawaz’s historic hat-trick powers Pakistan to tri-nation series win in UAE, beat Afghanistan by 75 runs – World News Network
Sports
Delhi CM Rekha Gupta inaugurates second edition of National Ranking Table Tennis Championship – World News Network
Sports

Popular Category

  • Business
  • Entertainment
  • Health
  • National
  • Videos
  • Gujarati

Popular Category

  • Hindi
  • Lifestyle
  • Marathi
  • National
  • Science
  • Sports
  • Tech
  • World

Entertainment

Punjab: Sonu Sood promises no break in treatment for “little Avijot” during floods, wishes him speedy recovery – World News Network
Entertainment
Angelina Jolie at TIFF 2025 for ‘Couture’ premiere – World News Network
Entertainment
Copyright © 2023 World News Network. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?