Motor & General Finance to surrender NBFC licence to RBI

MUMBAI: Motor & General Finance (MGF) today said it has decided to surrender NBFC licence to RBI as it has not been doing any NBFC activities for quite some time.

"...board of directors have decided to voluntarily surrender certificate of registration to Reserve Bank of India which was being held in category B that is non accepting deposits non banking finance company," MGF said in a filing on the BSE.

The Motor & General Finance Ltd (MGF) the flagship company of MGF Group was incorporated in 1930.