Reserve Bank Cancels Certificate of Registration of Map Credit and Capital Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the certificate of registration issued to Map Credit and Capital Limited, whose registered office was in New Delhi, effective June 18, 2005. The action was taken under Section 45IA of the RBI Act, 1934, which authorizes RBI to cancel the registration certificate of a non-banking financial company.
The Reserve Bank of India cancelled the certificate of registration issued to Map Credit and Capital Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release states that RBI exercised its powers under Section 45IA of the Reserve Bank of India Act, 1934, which empowers it to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of an NBFC's certificate of registration is a complete licence cancellation, which carries severity 5 regardless of monetary amount.
Map Credit and Capital Limited can no longer carry on the business of a non-banking financial institution under its RBI registration. The company is directly affected, and any continuation of NBFC activities would no longer be permitted under the cancelled certificate.
Published as Map Credit and Capital Limited
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