On Tuesday, the Reserve Bank of India (RBI) rejected the Certificate of Registration of non-banking financial companies (NBFCs).

Four NBFCs have cancelled their Certificate of Registration: Kanva Shree Credit Private Limited (formerly MCI Leasing Private Limited), Williamson Magor & Co. Ltd, Galaxy Capital Finance Limited and SRS Finance Limited.

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“The Reserve Bank of India, in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies,” the RBI said in a statement.

On June 8, 2022, the RBI issued an order for the cancellation of Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited)

The RBI said that the rest three NBFCs order was issued on June 29, 2022.