Four non-banking financial firms (NBFCs), including two from Tamil Nadu and one each from Chhattisgarh and Uttar Pradesh, had their certificates of registration (CoR) revoked by the Reserve Bank of India (RBI).
PVP Capital and Rain Bow Finance India were revoked on Nov 21, as part of the cancellations. On Nov 11, Marwah Finance, which had been registered on Oct 31, 2017, was likewise canceled. On November 26, 2024, Uttar Pradesh-based Ram Alloy Castings was likewise canceled. These businesses will be unable to function as non-banking financial institutions as a result of these cancellations.
The RBI, Regulatory body of all financial institutions made this decision as part of its continuous efforts to guarantee adherence and preserve the long term stability of the financial system.