Reserve Bank Cancels Certificate of Registration of Nicco Uco Alliance Credit Ltd., Kolkata
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Nicco Uco Alliance Credit Ltd., Kolkata, under Section 45IA of the RBI Act, 1934. As a result, the company can no longer carry on the business of a non-banking financial institution. The release also states that it is prohibited from accepting deposits and from alienating assets, though it remains obligated to repay public deposits in line with the terms of the deposit contract.
The Reserve Bank of India cancelled the certificate of registration issued to Nicco Uco Alliance Credit Ltd. on March 31, 2005 under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. Consequent to the cancellation, the company cannot transact NBFC business and has been prohibited from acceptance of deposits and from alienation of assets, while remaining obliged to repay public deposits according to the contract terms.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a severe licence action, which is severity 5 under the rubric.
Nicco Uco Alliance Credit Ltd. must stop NBFC कारोबार/business activity and cannot accept fresh deposits or transfer assets. Public depositors remain entitled to repayment as per contract terms, but the company’s operational flexibility is materially curtailed.
Published as Nicco Uco Alliance Credit Ltd.
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