Sahara group firm exits NBFC business

Subrata Roy-promoted Sahara India Investment Corporation Ltd (SIICL) has exited the non-banking financial business.

Subrata Roy-promoted Sahara India Investment Corporation Ltd (SIICL) has exited the non-banking financial business.

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"SIICL, which is one of the group companies belonging to Sahara group, as such cannot transact the business of non- banking financial institutions," RBI said in a press release on Friday.

The RBI release said SIICL has voluntarily exited the non-banking financial business and that its certificate of registration has been cancelled as of August 11, 2008.