Home   >>    Articles   >>    Investment Articles   >>     Read & Learn

SIFCL has been banned by the RBI from taking deposits

Sahara India Financial Corporation (SIFCL) which us known as the largest deposit-taking non-banking finance company in the country has been banned by the banking regulator Reserve Bank of India(RBI)

04 Jun 2008

Sahara India Financial Corporation (SIFCL), among the largest deposit-taking non-banking finance company in India has been banned by the banking regulator Reserve Bank of India (RBI) to take deposits with immediate effect.

The company has been told to repay all the deposits as and they get mature. SIFCL which is a part of Sahara group has been found guilty of breaching various regulatory norms.

As per RBI the violation by the company, it includes non-payment of minimum rate of interest prescribed for RNBCs (residuary non-banking company), non-maintenance of stipulated asset-liability match, violation of Know Your Customer norms for opening deposit accounts, not informing depositors in time about the maturity of their deposits, and non-repayment of deposits on maturity.

At present, SIFCL, a residuary NBFC, has a gigantic deposit base of close to Rs 18,000 crore.



44.58 Lakh satisfied customers till Dec 2016
Get Loan Offers
Instant Home Loan Offers Instant Car Loan Offers Instant Personal Loan Offers
     
Instant Loan against Property Offers Instant Education Loan Offers Instant Credit Card Offers
Get Insurance Proposals
Instant Life Insurance Offers Instant Health Insurance Offers Instant Car Insurance Offers