Categories: Banking

Reserve Bank of India (RBI) to Cancel Licence of Sambandh Finserve

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.

Find More Banking News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.