Reserve Bank Cancels Certificate of Registration of Ashoka Safe Deposit Vault Company Limited, Nagpur
Case Brief
On July 27, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to Ashoka Safe Deposit Vault Company Limited, Nagpur, which had earlier been known as Nagpur Credit Card & Lease Investment Company. The cancellation was issued under Section 45IA of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Ashoka Safe Deposit Vault Company Limited (formerly Nagpur Credit Card & Lease Investment Company) under Section 45IA of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution and, following cancellation, it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which carries severity 5.
Ashoka Safe Deposit Vault Company Limited cannot carry on NBFC activity any longer. This is a complete regulatory shutdown of its permitted non-banking financial institution business, affecting the company directly and any customers or counterparties relying on its NBFC operations.
Published as Ashoka Safe Deposit Vault Company Limited
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