The Reserve Bank of India (RBI) has cancelled the certificate of registration of 26 non-banking financial companies (NBFCs).
The entites whose registration was cancelled by the regulator include Bajaj Auto Holdings and IDFC Finance.
"Following the cancellation of registration certificate, these companies cannot transact the business of a non-banking financial institution," the regulator said.
Most of the NBFCs in India are based in Kolkata, with others are based out of Delhi, Chennai, Mumbai, Pune Gujarat, Punjab, Uttarakhand as well as Rajasthan.
In India, the registration of a NBFC is liable to get cancelled on various grounds such as when a company ceases to perform the business of an NBFC in India, or when the company does not adhere to any condition subject to which the certificate had been issued to it.
