Reserve Bank cancels Certificate of Registration of BAPL Finance and Investment Limited, Agra
Case Brief
On October 31, 2005, the Reserve Bank of India cancelled the Certificate of Registration of BAPL Finance and Investment Limited, whose registered office was in Agra, Uttar Pradesh. The order was passed under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the cancellation was made because the company had opted to exit the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to BAPL Finance and Investment Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, which was the basis for cancellation.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licence/registration revocation, which falls in severity 5.
BAPL Finance and Investment Limited can no longer carry on non-banking financial institution business after the cancellation. This removes its regulatory authorization to operate as an NBFC, and the action affects the company alone; no direct customer deadline is stated.
Published as BAPL Finance and Investment Limited
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