RBI rejects TTI Enterprise's application to surrender NBFC licence
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
TTI Enterprise had applied to the RBI to voluntarily surrender its Certificate of Registration as a Non-Banking Financial Company because it wanted to discontinue its NBFC business. The RBI has rejected this application. As a result, the company's NBFC certificate remains valid, and it must continue to comply with the RBI Act, 1934 and all RBI directions applicable to NBFCs. The company is reviewing the RBI's observations and may submit additional information or a fresh application in due course.
Company cannot exit NBFC business as planned and must keep complying with RBI rules. May restrict strategic flexibility going forward.