RBI cancels certificates of these two shadow lenders

The Reserve Bank of India (RBI) on Monday scrapped the registration certificate of two non-banking financial companies (NBFCs) or shadow lenders.

The NBFCs whose Certificate of Registration has been cancelled include Alarming Finvest Pvt Ltd and Achal Finance Ltd.

The Reserve Bank said, in exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934, it has cancelled the certificate of registration of the two NBFCs.

The RBI issued a cancellation order of Alarming Finvest on July 4, 2022.

For Achal Finance, the cancellation order date was July 25.