RBI cancels the registration of five NBFCs

The Reserve Bank of India announced the cancellation of the certificate of registration of (CoR) of five non-banking finance companies (NBFCs). RBI found these NBFCs carrying out irregular lending practices, including charging high-interest rates and harassing customers for loan recovery.

The Five NBFCs are UMB Securities Ltd, Anashri Finvest Ltd, Chadha
Finance Ltd, Alexey Tracon Pvt LTD. And Julia Financial Services Pvt
Ltd, whose CoR has been cancelled.