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RBI has cancelled Sahara India’s para banking license

The Reserve Bank of India has cancelled the license of the holding company, Sahara India Financial Corporation Limited, said an official on Tuesday.

The action was taken by RBI’s of non-banking supervision department, in Kanpur.

The notice of cancelling the license of conducting financial business has been sent to the Kapurthala head quarter of the Sahara India.

The Sahara India, under the new order, would be barred from any sort of financial transactions.

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