RBI cancels licenses of six Delhi-based NBFCs

Mumbai: The Reserve Bank has cancelled the licenses of six Delhi-based non banking financial companies following which they would not be able to conduct business.

"The Reserve Bank of India has cancelled the certificate of registration of the following non-banking financial companies (NBFCs): GE Strategic Investments India, Profound Exports, Two Brothers Holding, Swank Services Private Ltd, Praxis Consulting and Information Services and Credible Microfinance Ltd," RBI said in a notification. Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution, it added.

However, the RBI did not provide any reasons for the cancellation of certificate of registration. The licenses of these companies were cancelled on various dates in April, May and June 2014.