RBI cancels CoR of two non-banking FIs

AHMEDABAD: Reserve Bank of India today restricted two non-banking financial institutions (NBFIs) from transacting business allegedly for not complying with the operating guidelines and procedures.

The certificate of registration ( CoR) of the two NBFI's -- Tulip Finlease Private Limited & Galaxy Consolidated Finance Limited -- were cancelled by RBI.

The CoR's of the two companies were cancelled on May 9 and June 6, respectively, according to a public announcement by RBI.

In exercise of powers conferred on it under sub-section (6) of section 45-IA of the Reserve Bank of India has cancelled the CoR of these companies, as these companies have voluntarily cease to be NBFIs, according to the announcement.

While, Tulip has its registered office in Ahmedabad, Galaxy is a Rajkot based NBFI.