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:
India's Gurindervir Singh became the fastest ever Indian sprinter as he clocked an incredible 10.09…
As the hype around the 2026 FIFA World Cup is growing day by day and…
Countdown for the most exciting sports tournament in the world has officially begun. Fans across…
Former India and Tamil Nadu all rounder Vijay Shankar has announced his retirement from domestic…
The Reserve Bank of India (RBI) has announced the record ₹2.87 lakh crore surplus transfer…
Indian central government is preparing to launch the major national initiative called the High-Powered Demography…