Reserve Bank of India (RBI) has issued a show-cause notice prior to cancelling the licence of fraud-hit Sambandh Finserve Pvt Ltd. after its networth eroded below the regulatory minimum and financial situation worsened beyond redemption over the recent months. Sambandh is registered as an NBFC-MFI.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Managing Director and CEO of Sambandh, Deepak Kindo, who was allegedly the main perpetrator of the fraud, has been arrested by Economic Offence Wing, Chennai. According to the RBI norms, NBFC is required to maintain minimum capital levels consisting of Tier-I and Tier-II capital, of not less than 15 per cent of their aggregate risk-weighted assets.
Important takeaways for all competitive exams:
- Sambandh Finserve Private Limited founded: 1992;
- Sambandh Finserve Private Limited Headquarters: Odisha.
ODI World Cup winners full list (1975-20...
Sudhir Kakar, the "Father of Indian Psyc...
Top-10 Sugarcane Producing Countries in ...
