RBI restricts Vishal Finlease from accepting public deposits

AHMEDABAD: The Reserve Bank has restricted Gandhinagar based non-banking financial institution Vishal Finlease Pvt Ltd from accepting public deposits for violation of guidelines.

"The company - Vishal Finlease Pvt Ltd - has been stopped from accepting public deposits for violating RBI guidelines. Its certificate of registration has been cancelled," said an RBI official in the department of non-banking supervision.

"The certificate was cancelled after company tookover another firm in violation of RBI guidelines," he said preferring anonymity.

An advertisement released by the department of non- Banking supervision of regional RBI states, "The company cannot transact the business of Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the Act."