RBI Cancels Registration of 135 NBFCs Across India; Several Kolkata-Based Firms Affected

The Reserve Bank of India (RBI) has cancelled the Certificates of Registration (CoR) of 135 Non-Banking Financial Companies (NBFCs) under the powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934. 

In a press release issued on June 10, 2026, the central bank said the affected companies can no longer carry on the business of a Non-Banking Financial Institution as defined under clause (a) of Section 45-I of the RBI Act, 1934. 

Several Kolkata-Based NBFCs Figure in the List 

A large number of the cancelled NBFCs are registered in Kolkata and other parts of West Bengal. The list includes companies such as Akshay Fiscal Services Ltd, Alfa Tie-Up Private Limited, Arihant Enterprises Ltd, Destiny International Limited, Eastern Synthetics Pvt Ltd, ETL Infrastructure Finance Limited, Gateway Fincons India Ltd, KPS Finance & Trade (P) Ltd and Lifetime Financial Services Ltd, among others. 

The Certificates of Registration of these entities were originally issued between 1998 and 2022 before being withdrawn by the RBI. 

NBFCs From Other States Also Affected 

Apart from West Bengal-based companies, the RBI's order also covers NBFCs registered in Maharashtra, Telangana, Delhi, Manipur, Tamil Nadu and Madhya Pradesh. 

Some of the notable entities include Essel Finance Business Loans Limited in Mumbai, Citiwide Financial Services Limited in Hyderabad and Kiranglobal Business Investment Limited in Chennai. 

Read More: RBI Streamlines Governance Norms for Risk, Internal Audit, and Compliance 

RBI Clarifies Impact of Cancellation 

The RBI stated that following the cancellation of their Certificates of Registration, these companies shall not transact the business of a Non-Banking Financial Institution under the provisions of the RBI Act, 1934. 

The latest regulatory action forms part of the central bank's ongoing supervisory framework for the non-banking financial sector, under which entities that fail to meet regulatory requirements may face cancellation of registration and restrictions on conducting NBFC business. 

Conclusion 

The RBI's cancellation of the registration of 135 NBFCs marks another regulatory action aimed at strengthening oversight of the non-banking financial sector. The affected entities are no longer permitted to operate as Non-Banking Financial Institutions under the RBI Act, 1934. 

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