Reserve Bank Cancels Certificate of Registration of Maanasa Auto Finance Private Ltd., Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Maanasa Auto Finance Private Limited, having its registered office in Hyderabad, on 2 February 2005. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. The release does not provide further factual details on the breach or grounds for cancellation.
The Reserve Bank of India cancelled the certificate of registration issued to Maanasa Auto Finance Private Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934 as the statutory basis for cancelling the registration certificate of a non-banking financial company, but does not state any additional factual violations or misconduct particulars.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a complete licensing action and therefore falls in severity 5.
Maanasa Auto Finance Private Limited can no longer carry on non-banking financial business as a registered NBFC. Customers, counterparties, and other stakeholders should treat the firm as having lost its RBI registration, and the company would need to stop regulated NBFC activities subject to any applicable legal/process requirements.
Published as Maanasa Auto Finance Private Limited
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