Reserve Bank Cancels Certificate of Registration of Bhaskar Narayan Finance Company Private Ltd., Hyderabad
Case Brief
On February 8, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Bhaskar Narayan Finance Company Private Limited, Hyderabad. The order was passed under Section 45IA of the RBI Act, 1934, which governs registration and cancellation of NBFCs. This is a full licence cancellation affecting the company’s ability to carry on non-banking financial institution business.
The Reserve Bank of India cancelled the Certificate of Registration issued to Bhaskar Narayan Finance Company Private Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The release states that the cancellation was issued under Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a licence cancellation, which carries severity 5.
Bhaskar Narayan Finance Company Private Limited is no longer permitted to carry on NBFC business pursuant to its cancelled Certificate of Registration. The restriction directly affects the company and any existing or prospective customers/counterparties relying on its NBFC operations.
Published as Bhaskar Narayan Finance Company Private Limited
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