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RBI cancels registration of NBFC
MUMBAI: The Reserve Bank of India has cancelled the certificate of registration of the Kolkata-based Nicco Uco Alliance Credit from carrying on the business of a non-banking financial institution. The cancellation of the certificate under Section 45IA of the Reserve Bank of India Act on March 31 prohibits the company from accepting deposits and alienation of assets, the Reserve Bank of India said in a release here on Thursday. However, the company is under an obligation to repay public deposits as per the terms and conditions of the contract of deposit, the central bank said.
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