Reserve Bank Cancels Certificate of Registration of Indian Finances Private Limited, Allahabad
Case Brief
On 2 August 2005, the Reserve Bank of India cancelled the Certificate of Registration of Indian Finances Private Limited, whose registered office was at Allahabad, Uttar Pradesh. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot carry on NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration issued to Indian Finances Private Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit from the business of a non-banking financial institution. As a result, it can no longer transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which is severity 5.
Indian Finances Private Limited is barred from conducting any non-banking financial institution business after the cancellation of its registration. The restriction applies immediately from the cancellation date and affects the company’s ability to operate as an NBFC.
Published as Indian Finances Private Limited
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