Reserve Bank Cancels Certificate of Registration of Nice India Credit and Finvest Pvt. Ltd., Jhansi
Case Brief
On April 12, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Nice India Credit and Finvest Pvt. Ltd., whose registered office was in Jhansi, Uttar Pradesh. The cancellation was issued under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
The Reserve Bank of India cancelled the Certificate of Registration issued to Nice India Credit and Finvest Pvt. Ltd., Jhansi, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934, under which RBI is empowered to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which is severity 5.
The company is no longer permitted to carry on business as a non-banking financial institution. This is a complete regulatory shutdown of its NBFC activities, with direct impact on the entity’s operations and any customers relying on its financial services.
Published as Nice India Credit and Finvest Pvt. Ltd.
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