RBI cancels licences of 7 NBFCs

The RBI has cancelled the certificate of registration of seven NBFCs — iReligare Finance Ltd, RCS Parivar Finance Ltd, Dewra Stocks & Securities (P) Ltd, Artisans Micro Finance Pvt Ltd, Nott Investments (P) Ltd, Eden Trade & Commerce Pvt Ltd and Swetasree Finance (P) Ltd. The central bank said in a statement that following the cancellation of registration certificate, these companies cannot transact NBFC operations as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.