Never miss a story

Get subscribed to our newsletter


×

By NewsGram staff writer

Lucknow: In a fresh setback to the beleaguered Sahara India Pariwar, Sahara India Financial Corporation Limited’s license holding has been cancelled by the Reserve Bank of India (RBI) on Tuesday.



The action has been taken by the department of non-banking supervision of the RBI, in Kanpur.

The move comes in wake of several irregularities and ignoring financial rules and regulations by Sahara, an official further informed.

The notice regarding cancellation of the license to conduct financial business has been sent to the Kapurthala headquarters of Sahara India.

The move is being seen as the ‘final nail’ in the fortunes of the once-fledgling company as the SIFCL was its core wing from which money was collected through small time subscribers and then routed to other wings such as media, real estate and others.

With its chairman Subrata Roy Sahara already in jail for more than a year, the RBI action, many fear, could “break the financial spine” of the organisation.

Under the new order, the Sahara India would be barred from any sort of financial transactions.

The RBI had in 2008 barred the company from taking any deposits from the people under its chit fund operations.

Many depositors had since then complained to the RBI that they were not being paid back their money by Sahara, following which a probe was ordered by the bank.

A report of the investigations was sent to the RBI HQ in Mumbai last month after which the penal action of cancelling the license of SIFCL was taken.

(with inputs from IANS)


Popular

The value of the HUH Token increases with time in the wallet, which means that the more tokens you hold, the more tokens you get.


For those in the know, cryptocurrency represents an extraordinary financial opportunity; one of the most profitable and probably widespread characteristics of decentralised money is its capacity to disseminate enthusiasm. This creates an atmosphere unlike any other, in which attention is almost a commodity. Attention is valuable, and one of the most effective mechanisms for capitalising on focused attention is via memes. HUH Token and GM Wagmi are two cryptocurrencies that strive to apply this method.

Keep Reading Show less

While HUH Token is not yet available on the market.


In recent weeks, Fantom and OKB have established themselves as popular cryptocurrencies. Both have experienced significant growth over the last three months and have established themselves as trending cryptos.

Keep Reading Show less

HUH Token is already in presale and will be accessible to everyone shortly.


Loopring and Sushiswap both have proved their profit-generating capabilities in the past, and HUH Token presents itself as a fresh option for people to join early. However, it is hard to determine with precision what the future holds for any of these cryptos. Nevertheless, utilising the existing data from Loopring and Sushiswap, insights may be gained and the possibilities of new currencies like HUH Token can be explored. An Ethereum-based programme called Loopring intends to promote an extensive network of people to run a platform that enables them to build crypto-asset exchanges. In addition to using Loopring's own native currency (LRC), this programme also includes a variety of other currencies.

Keep reading... Show less